As previously reported, Egypt published Law No. 26/2020 on 7 May 2020, which includes new progressive individual income tax rates and other changes. With respect to the new penalty provisions, it is clarified that the new provisions apply for income tax in general, and not just individual income tax.
The new penalty provisions apply where the final tax liability assessed exceeds the amount declared in the tax return. If the difference is less than 50%, a 20% penalty applies, and if the diff…