CAIRO: The draft law issued by President Abdel Fatah al-Sisi to amend income tax law is one of a group of reformation measures adopted to cope up with the new budget, Minister of Finance Hany Kadry said in a Friday statement, Youm7 reported.
Kadry said that the new legislative amendments make distributing banknotes and capital profits subject to income tax. He added that the new legislative amendments cancel the stamp tax, which is applied now at 0.001 percent of the value of selling or buying banknotes.
Kadry said that the amendments impose a 10 percent tax on the net profit of every portfolio that has more than 150,000 EGP at the end of every year.
Sisi announced Tuesday he would amend some provisions of the Income Tax Law and Stamp Duty Law amid efforts to revive Egypt’s limping economy.
“This amendment is aimed at redistributing the burdens of fiscal and economic reform on the widest possible tax base, excluding low-income people,” a presidential statement read.
Sisi’s announcement followed remarks by Prime Minister Ibrahim Mahlab during a Monday interview with Al-Watan newspaper that the capital gains tax on stock market profits and dividends would be applied “very soon” and with “no amendments” according to an interview published Monday.
Additional reporting by Mona Diaa.