Egypt’s Sisi to Ratify 5% Tax Hike on Rich within Hours

Egypt’s President Abdel Fattah al-Sisi is expected to ratify today the 5% income tax increase aimed at the country’s highest earning taxpayers, said Industry and Trade Minister Mounir Fakhry Abdel Nour.

The 5% tax rate increase is to be applied temporarily, and for a period of three years on individuals whose annual income exceeds EGP 1 million.

The Egyptian minister expected that the tax hike shall boost state revenues by EGP 3 billion a year.