Buzz

Egypt’s Parliament Considers 30% Tax On The Rich

Egypt’s Parliament Considers 30% Tax On The Rich

Photo Credit: Egypt Independent

A draft law is being considered by the Egyptian Parliament to introduce a progressive tax of 30% on annual incomes exceeding LE 1 million, Egypt Independent reports.

Legislative Committee MP MoustafaBakry told Youm 7 that there will be a societal dialogue with Egyptian businessmen to reach the optimum tax percentage, ensuring that many of these businessmen already acknowledge the importance of wealth distribution to lift the financial burdens on the poor.

He added that the bill might be imposed temporarily until a certain level of economic growth is reached.

Another proposal last month introduced a law to impose a 25% tax on incomes exceeding LE 500,000 per year by MP MervatAlexan, who argued that this tax would not harm investment and instead would protect the poor communities.

Progressive taxes are usually seen as a strategy of social improvement as they reduce inequalities between different classes.

Nevertheless, many experts argue that inequality is more effectively reduced by spending on public programs that will enhance the provision of people’s basic needs, including education and health.

There are also fears that the rich will find ways to evade the taxes, as redistribution is influenced by both the progressivity of taxes and the level of taxes collected.

The bill will be further discussed this autumn.

 

Egypt Tourism Slowly Booming as Geneva-Hurghada Flight Announced
Fan Ban Remains as 60th Egyptian Premier League Kicks Off

Subscribe to our newsletter


Buzz

More in Buzz

“Room Art Space”: an Original Idea Branches Out to New Cairo

Egyptian StreetsJuly 16, 2019

‘Opera Aida’ to Be Performed at Iconic Hatshepsut Temple

Egyptian StreetsJuly 15, 2019

“Fish & Chips”: a Charming and Cozy Seafood Restaurant in Downtown Cairo

Egyptian StreetsJuly 13, 2019

Egypt Denies Ministry of Happiness Reports, But Wants Citizens Happy Anyway

Egyptian StreetsJuly 12, 2019

Private Egyptian Company to Launch Local Ride-Hailing App ‘Dubci’

Egyptian StreetsJuly 12, 2019

“Ugandan Night on the Nile”: Celebrating Historical Ties and Promoting Future Collaboration

Egyptian StreetsJuly 9, 2019

Three Co-Working Spots in Cairo That Will Help You Be More Productive

Nour EltiganiJuly 9, 2019

Egypt Holds First Ever National Figure Skating Championship

Egyptian StreetsJuly 8, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.