Egypt’s varied history, straddling multiple geopolitical and economic spheres, continues to shape the country’s development. However, this does not come without challenges. Food security uncertainty stemming from Russia’s invasion of Ukraine in early 2022 is a particular headwind, in combination with associated issues like inflation and foreign exchange risk. Moreover, 29.7% of Egyptians sti
In the past few years several changes have been made to Egyptian law to reshape the tax system. These reforms are important in light of changes that have recently been implemented in the field of taxation on a global level, due to significant and persistent fluctuations in the world economy. Corporate Income Tax Corporate income tax (CIT) is imposed on companies that are considered to be…
Viewpoint:Mohamed Hammouda There are two key shifts shaping the tax and accounting environment in Egypt. The first is the Covid-19 pandemic, which is having a far-reaching impact across a range of sectors, from health care to manufacturing and retail. The need for social distancing has not only resulted in curfews and stay-at-home orders, but has also reshaped office cultures. It is also affecting…
This chapter offers an overview of Egypt’s taxation system, which has undergone a number of reforms in recent years in an effort to build an investor-friendly environment. Recent changes include the introduction of stamp tax on the disposal of securities, updates to the progressive rate for personal income tax, and the proposal of a simple regime for small and medium-sized enterprises. It contains…
In the past few years several changes have been made to Egyptian law to reshape the tax system. These reforms are important in light of changes that have recently been implemented in the field of taxation on a global level, due to significant and persistent fluctuations in the world economy. Corporate Income Tax (CIT) CIT is imposed on companies that are considered to be tax residents in…
Viewpoint:Cherif Hammouda One of the most important changes to take place recently is the digitisation of tax, a process which began in Egypt only in mid 2018. The tax rate in Egypt is lower than a number of other countries around the world, which is important in boosting the country’s competitiveness. However, in the past the difficulty associated with filing taxes has counteracted these…
Egypt is a large and fast-growing country. It is the most-populous Arab nation, the third-most-pop¬ulous country in Africa and the 14th-most-populous country in the world. As of 2017 the population was some 97.5m, according to the World Bank, and growing by 2% per year. According to the live ticker on the website for the Central Agency for Public Mobilisation and Statistics the population is over
In conjunction with RSM, this chapter explores the taxation system and Egypt’s efforts to build an investor-friendly environment. It also contains a viewpoint with Cherif Hammouda, Managing Partner, RSM Egypt.…
Over the past few years, there have been several changes made to the laws in Egypt that have aimed to reshape the tax system. This is important in light of the vital changes that have been witnessed in the field of taxation on a global level due to the dramatic, yet persistent fluctuations, in the world economy. Corporate Income Tax (Cit) CIT is imposed on the companies that are considered…
Viewpoint:Maged Ezzeldeen Between 2011 and 2016 Egypt faced continuous political and economic changes. It grabbed the globe’s attention due to its strategic geographical location and its influential role in the Middle East. The year 2017 was a turning point for the economy, fuelled by a decisive reform agenda. Efforts to jump-start the economy were three-pronged, focusing on regulatory reform,…