In light of the global economic crisis, the Egyptian President Abdel Fattah al-Sisi has directed the government to increase the Income Tax Exemption Limit from 24 thousand pounds to 36 thousand pounds annually. The move aims to alleviate the financial burden on citizens and reduce the impact of the crisis on their livelihoods.
The decision was made as part of the government’s efforts to maintain fiscal discipline and ensure the financial sustainability of the state’s general budget. The President emphasized the need to take all necessary measures to reduce the budget’s public debt and its service burden, while continuing to support citizens through social packages and other initiatives.
Mohamed Maait, the Egyptian Minister of Finance, explained that the new budget for the year takes into account the negative effects of the global crisis, including the significant increase in energy and food prices. He added that the budget also includes a social package worth 150 billion pounds, which will further support citizens during these challenging times.
Furthermore, the government will continue its economic reform program aimed at increasing and stimulating exports, strengthening the industry, and boosting the role of the private sector in achieving development.
Overall, the decision to increase the Income Tax Exemption Limit reflects the government’s commitment to supporting its citizens and ensuring their financial stability during these challenging times.