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The earnings tax in Egypt applies to any pure individual – Egyptian
or foreigner – on theirincome from Egyptian sources, whether or not
this earnings is a wage, from a self- employment, hire collections
or charges for providers.
The Ministry of Finance in Egypt has made many amendments to the
Earnings Tax regulation to realize the social justice. Newest modification to
this Legislation was issued on Could 07,2020.
Based mostly on this modification, the primary EGP15000 that the taxpayer
earn yearly in Egyptis tax-free, as well as, he’ll get pleasure from
quantity of EGP9000 as private allowance.
There may be additionally one other profit has been added to this regulation, as
there’s classifying of the earnings ranges to 6 brackets,
based on which we are able to decide the speed of the taxthat might be
deducted. As proven within the following desk:
For example, if an worker’s wage is EGP30,000 per
month, right here is How we cancalculate his earnings tax.
EGP30,000 x 12 = EGP360,000
Based mostly on his annual earnings, he might be within the first bracket,
due to this fact the calculation willbe as following:
EGP360,000 – EGP9000 (Private Allowance) = EGP351,000
In line with the above calculation the month-to-month tax deduction for
this worker willbe: EGP64,600/12= EGP5383.3.
The content material of this text is meant to supply a normal
information to the subject material. Specialist recommendation must be sought
about your particular circumstances.
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