The Minister of Finance announced in a press release on 10 March 2015, that the standard corporate tax rate and the top marginal tax rate for individual income tax purposes will be reduced to 22.5% from 25%. Also an additional 5% surcharge is applicable on net profits and income exceeding EGP 1 million for both corporate and individual taxpayers.  The new 22.5% tax rate may be presented through a Decree-Law.