The Clap
Minister of Finance Dr. Mohamed Maait announced that an EGP 130 billion package of financial & social protection measures have been prepared.
The deets
Here are some of the government’s policies:
- A new financial package for social protection & wage improvement, starting in April 2022
- An EGP 2.7 billion provision for beneficiaries of “Takaful & Karama”, a social safety net project that promotes Egyptian women empowerment & human capital
- Allocating EGP 190.5 billion pounds to the National Social Insurance Authority, to increase retirement pensions by 13% beginning April 2022
- Increasing the tax exemption limit by 25% to relieve citizens
- Increasing the periodic allowance for civil service persons, to be 8% of the job wage, with a minimum of 100 pounds per month, as of next month.
- Amendments to the draft income tax law, to revitalize the EG
- Exemption of investment funds investing in the EGX from taxes
- Deduction of 50% of realized capital gains for IPOs for two years (from 10% to 5%)
Why this matters
The package aims to meet the costs of current global economic challenges & mitigate their effects on citizens.
