Egypt Publishes Preliminary Budget for 2015-2016

12 April, 2015

The Ministry of Finance issued a preliminary statement on 18 March 2015, for the 2015-2016 Budget.

The statement highlighted the following changes:

The standard corporate tax rate will be reduced to 22.5%. The new rate is expected to apply for net profits realized in 2015 to be assessed in 2016.
The income tax base will be extended and no additional taxes will be introduced.
The current sales tax will be replaced with a VAT system and the VAT law is currently under discussion.
The tax collection productivity will be improved.
A new Customs Code will be introduced in order to strengthen customs procedures and increase penalties and fines applicable to non-compliance.

Africa & Middle East

Egypt

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