CAIRO: Minister of Finance Hany Kadry announced Thursday that the new wealth tax is only a proposal that has been presented by number of businessmen and has not been approved or outlined in a law.
Thereby, he denied that the proposed tax would be put on wealth. Instead, incomes above 1 million EGP would be taxed with an additional 5 percent.
The proposed additional income tax would be in line with articles in the new constitution on the extension of progressive taxation.
The minister said that the government and the business sector are on the same page regarding the new tax. He added that the tax system aims to develop state revenues, achieve social justice and ensure sustainable development.
Additional reporting by Hend Mokhtar.