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Egyptian Finance Minister reassures public on amendments to Public Resource Fee Law
Egyptian Finance Minister Mohamed Maait has stated that the amendments to the Public Resource Fee Law will not affect essential goods. He clarified that the changes will only apply to recreational and non-essential items, such as caviar and nightclub entry fees. The minister also provided details on the amendments to income and taxation laws, with some measures aimed at reducing the tax burden on individuals and small businesses.
No Increase in Fees for Essential Goods
The Finance Minister stated that essential goods, such as soft drinks and cosmetics, will not see an increase in public resource fees. He also clarified that the departure fee for foreign tourists will remain the same, and that the increase in the fee for Egyptians will only be fifty pounds.
Limited Amendments to Recreational and Non-Essential Goods
The amendments to the Public Resource Fee Law will affect only recreational and non-essential goods. The minister cited examples such as caviar and Simone Wimech. He also mentioned an increase in the fees for certain recreational activities, such as ice skating and party singing.
Amendments to Income and Taxation Laws
The minister provided details on the amendments to income and taxation laws. The tax exemption cap will be increased by 50%, to £36,000 a year, as part of a move towards social equity. In addition, an incentive of up to 5% of the total tax payable annually will be offered to individuals who submit electronic invoices and receipts. Citizens who help to identify cases of tax evasion will also be rewarded, up to 10% of the late fee or additional tax. Simplified tax accounting will be offered to small or micro projects with a turnover of up to £10 million a year. The distribution tax will also see changes aimed at reducing the tax burden on companies.
The Egyptian Finance Minister has reassured the public that the amendments to the Public Resource Fee Law will not affect essential goods. He has provided details on the limited amendments to non-essential goods, as well as the changes to income and taxation laws. The aim of some of the amendments is to reduce the tax burden on individuals and small businesses.
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