06:38 PM
Sunday, March 19, 2023
Books – Muhammad Abu Al-Majd:
Ragab Mahrous, advisor to the head of the Tax Authority, revealed the details of President Abdel Fattah El-Sisi’s announcement, raising the tax exemption limit to 36,000 pounds annually instead of 24,000 pounds, saying: “According to President Sisi’s instructions, the matter aims to reduce the burden resulting from the global economic repercussions, By increasing the tax exemption on payroll and commercial activity.
“Mahrous” added, in a telephone interview to the “Tahrir Hall” program on “Sada Al-Balad” channel today, Sunday, that the employee had a personal exemption from the salary of 9 thousand pounds, and the amount was raised to 15 thousand pounds, and there is a zero bracket of 15 thousand pounds, which was increased. To be 21 thousand pounds, and by combining the personal exemption with the zero bracket, the exemptions from being subject to payroll tax and the like will be 36 thousand pounds.
And he continued, that the employee whose net income is after the deductions mentioned in the income tax law according to the provisions of the law in the event that his salary is 36 thousand pounds net, will be non-taxable, which leads to an increase in the employee’s income, as for owners of commercial activities, the zero bracket for them will be 21 thousand pounds. instead of 15 thousand pounds, and enjoys an increase in the exemption rate of 6 thousand pounds by about 36% exemption from the net income of commercial, industrial or professional activity.
And the advisor to the head of the Tax Authority added that the employees in the state’s administrative apparatus are about 5 million people, and those in the private sector and the public business sector are about 13.5 million people, while the number of financiers and owners of commercial activity exceeds 7 million, whether commercial, industrial, professional or wealth. real estate.
And he stressed that, according to the assignments that were approved by President El-Sisi, this decision will be applied to employees at the beginning of next April, and it will be applied to owners of commercial activities on December 31, 2023.
(embed)https://www.youtube.com/watch?v=8aOiEFZ-kUs(/embed)
