Skip to content Skip to Search
Skip navigation

Egypt to increase tax exemption limit amid rising cost of living

Egypt's President Abdel Fattah al-Sisi attends the second edition of the summit of the Green Middle East Initiative, held on the sidelines of the Cop27 climate conference Reuters/Bandar Algaloud/Courtesy of Saudi Royal Court
President Abdel Fattah El Sisi issued a directive to increase the tax limit to EGP36,000 ($1168.68) from EGP24,000 per year

Egypt will increase the annual income tax exemption limit to mitigate the effects of the global economic crisis and its repercussions on citizens.

President Abdel Fattah El Sisi issued a directive to increase the tax limit to EGP36,000 ($1,168.68) from EGP24,000 ($776.91) per year, Ahram Online reported.

The country aims to achieve a growth rate of five percent of GDP and will witness a primary surplus of 2.5 percent of GDP with a total deficit rate of about 6.37 percent, finance minister Mohamed Maait said in his presentation for the fiscal year 2023/24 draft budget.

The budget expects revenue to surge by nearly 31 percent to more than EGP2 trillion.

However, a 30.5 percent increase is forecast in expenditure, reaching about EGP2.83 trillion. Expenses include increasing wages by 15 percent to EGP470 billion; growing subsidies, grants and social benefits by 24 percent to EGP496 billion; and lifting investment allocations to EGP512 billion.

The finance minister said that the draft budget considers the adverse effects of the current global crisis and the cost of the social package, estimated at EGP150 billion.

Earlier, El-Sisi announced raising the minimum wage for government employees to EGP3,500 and pensions by 15 percent from April 1.

Latest articles

A sheep farm in Pukekohe, North Island, New Zealand. The country exported meat worth $155m to the GCC in 2023

New Zealand agrees free-trade deal with GCC

The GCC has agreed a new free-trade deal with New Zealand. The agreement will give duty-free access to 99 percent of New Zealand exports over 10 years, according to New Zealand trade minister Todd McClay.  McClay said the agreement was the culmination of an 18-year-long ambition to agree a trade deal in the Middle East. […]

A Saudi man walks at the Tadawul Saudi Stock Exchange, in Riyadh, Saudi Arabia

Kuwaiti companies looking at Saudi exchange listings

Kuwaiti companies are eyeing up opportunities to list on Saudi Arabia’s Tadawul exchange, according to reports. It comes almost two years since deals were signed between market regulators in both Gulf states to explore collaboration around cross-listings on the Tadawul and Kuwait’s bourse. Firas Al-Salem, chairman of the Kuwaiti Business Council, said that listings could […]

The Riyadh monorail will connect with the Metro running through King Abdullah Financial District

Driverless monorail planned for Riyadh’s financial district

An agreement to launch a driverless monorail project has been signed by King Abdullah Financial District (KAFD) in the Saudi capital Riyadh. The 3.6-kilometre system will have six trains travelling on an elevated circular track that will wind between the main towers of the district.  The system will have six stations across the district, connecting […]

Delegates watch PIF governor Yasir Al-Rumayyan speak at FII in Riyadh. He said Saudi Arabia is focusing on domestic investment

PIF signs Japan and Hong Kong pacts worth $52bn

Saudi Arabia’s Public Investment Fund has signed memorandums of understanding (MoUs) worth up to $51 billion with five Japanese banks.  The kingdom’s sovereign wealth fund said the agreements cover a variety of areas, including encouraging two-way capital flows through both debt and equity.  The agreements were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG […]