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Egypt: Wealth tax to last three years

13 May 2014   (0 Comments)
Posted by: Author: Iol
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Author: Iol

A new 5 percent surtax on the incomes of wealthy Egyptians would last for three years, Finance Minister Hany Dimian said on Saturday, less than three weeks before the country elects a new president. Dimian said the tax, approved by the cabinet last week, would apply to those earning more than 1 million Egyptian pounds (R1.46m) annually this year, next year and 2016. He said the first payment would be due in January next year. Those subject to the tax would be given the choice of whether their funds should go towards public projects in education, health, agriculture, housing or infrastructure. The temporary tax had been under discussion for several months, but its approval comes shortly before a May 26 and 27 presidential election that is widely expected to be won by former army chief Abdel Fattah al-Sisi. The measure still needs to be passed by interim President Adly Mansour before it can be implemented.

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Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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