Egypt's Ministry of Finance published its 2020 Budget proposals on 21 September 2019. One of the key measures of the proposals is for the introduction of progressive corporate tax rates based on annual turnover as follows:
- between EGP 1 million and 3 million - 5%
- between EGP 3 million and 10 million - 5.1%
- over EGP 10 million - 25.1%
For businesses with turnover below EGP 1 million, a definitive flat tax would apply based on turnover as follows:
- less than EGP 250,000 - EGP 1,…