Egypt published Law No. 26/2020 in the Official Gazette on 7 May 2020, which introduces several individual income tax amendments. One of the main changes is the introduction of new progressive individual income tax rates, with an adjustment of the lowest applicable bracket rate depending on an individual's total annual income.
The basic progressive rates for individuals with annual income of up to EGP 600,000 includes 7 brackets as follows:
- up to EGP 15,000 - 0%
- EGP 15,000 to 30,000 - 2.5%…