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FJP Lawmaker: Income Tax Law Achieves Social Justice; Removes Low-Income Suffering
FJP Lawmaker: Income Tax Law Achieves Social Justice; Removes Low-Income Suffering
According to Upper House MPs, Egypt’s low-income people stand to benefit the most from new income-tax laws approved by parliament.
Friday, May 17,2013 19:32
IkhwanWeb

In a press statement, Maher Huzaima, a member of the Shura Council (second chamber of Egypt’s parliament) for the Freedom and Justice Party (FJP) and member of the General Workers' Union, said: "The Income Tax Law just passed by the Shura Council is a significant step on the right path to achieving social justice and is a leap forward for the government, since it contributes significantly to lifting the suffering of low-income people, and increasing the state's resources. This was a difficult equation that no-one imagined Shura Council would succeed in implementing.

"This law benefits low-income citizens significantly. For example, an employee who gets up to LE9000 (Egyptian Pounds) tax exemption, has 10% tax deducted from income above this amount, up to LE20,000 – now, he/she would enjoy up to LE12,000 tax exemption, and would have 10% tax deducted from income above this amount, up to LE30,000."

Huzaima went on, saying: "For an income of over LE30,000 and up to LE45,000, tax would be deducted at the rate of 15% instead of 20% previously. This means a great benefit for low-income people.

For incomes exceeding LE45,000 and up to LE250,000 taxes of 20% would be payable. Incomes of more than LE250,000 would pay 25% in taxes, which is the maximum tax bracket in Egypt.

"Certainly, returns achieved through this law will be very beneficial to the state, increasing state income by LE320 million ($46mil) per annum, which also confirms that the Shura Council is working to establish the principle of social justice as demanded by the January 25 Revolution.

"Baseless rumors are circulated by hostile media claiming that this tax is a condition set by the IMF for granting Egypt the loan being negotiated at the moment. Those are definitely utter lies. I further reaffirm that this law will contribute significantly to lifting the suffering of low-income people and providing welfare services to them."

tags: Freedom and Justice Party / FJP / Shura Council / Parliament / Taxes / Government / Revolution / Media / Social Justice / Egyptian Economy / Egyptian Pound
Posted in EGYPT  
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