The Clap
Egypt is reportedly slapping the wealthy with a new tax rate while giving investors in the stock market a pass on the capital gains tax they didn’t pay last year.
What
Egypt’s high rollers may soon be feeling a pinch in their pockets, as the government plans to impose a new tax rate of 27.5% on those earning over EGP 800,000 per year.
And fear not, stock market investors – you’re off the hook for any capital gains tax you may have dodged in 2022.
You should know
The biggest current tax rate for individuals tops out at 25% for those making over EGP 400,000 a year. And if you’re raking in the dough from selling stocks, well that’s what a capital gain is, & it’s taxable.
So what
The government is pulling out all the stops to balance its books, including hitting the wealthy where it hurts: their wallets. Some say it’s only fair, as the rich can afford to pay a little more.
Now what
The new amendments must be approved by both Parliament & the President before they can be implemented in January 2023.
