Egyptian finance minister rules out new taxes

Egypt: Egyptian finance minister, Ahmed Galal has said that no taxes would be imposed in addition to the current tax law, and that combating tax evasion would not be made a tool for “settling scores” with businessmen, Daily News Egypt has reported. The minister also said that no property taxes or income taxes would be modified “in order to not harm the economy.” Under the current tax law, all companies are subject to a unified tax rate of 25%, compared with the previous legislation that taxed those earning less than EGP10m per year at 20%. []

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