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What percentage income tax is taken off a salary in egypt? |
What percentage income tax is taken off a salary in egypt? For individuals, the maximum tax rate is now 20% instead of 40% and the thresholds for each tax bracket have been raised. Individuals will pay 10% tax on income between 5,000 and 20,000 Egyptian pounds ($862 and $3,448) a year, 15% on income between 20,000 and 40,000 pounds a year and 20% on any income above 40,000 pounds. Source(s): http://www.tax-news.com/asp/story/story_... I don't Sphinx I know.... Taxation of Individuals Income Tax Law No. 187 of 1993, also known as the Unified Tax Law, abolished the general income tax previously levied on individuals pursuant to Tax Law No. 157 of 1981. Under the new Unified Tax Law, individuals, including partners in partnerships, are subject to tax at various rates on income from five sources: Income from Movable Capital: This tax is levied at a rate of 32 percent of gross income usually collected through withholding. This category refers to interest (other than interest on deposits), foreign-source dividends (less foreign taxes paid), executive director's fees and attendance fees. Income from Immovable Capital: This tax is levied at rates ranging from 20 percent to 48 percent. This category applies to net income derived from land and buildings. Commercial and Industrial Profits: This tax is charged on a sliding scale at rates ranging from 20 percent to 48 percent. This category applies to net commercial and industrial profits of enterprises which are not subject to corporate tax. Professional Fees: This tax includes rates that range from 20 pto 48 percent. This category covers the net incomof professionals such as engineers, accountants and lawyers. Salaries: This is a tax imposed on salaries paid in Egypt or abroad for services performed in Egypt. Taxable salary includes the value of all benefits, apart from housing allowances given to foreign experts. The salary tax is levied at 20 percent on the first 拢E50,000 of net taxable salary, after deductions and allowances, and 32 percent on the excess. General Tax on Income In addition to the specific taxes that are levied on specific types of income as mentioned above, the Egyptian legislature has imposed a general tax on income which is applicable to individuals. This tax is an additional tax, and the tax base is regarded as the total net income that the individual receives during the year. Only income that is subject to a specific tax is included in the tax base for the general tax on income. The general tax on income is progressive and reaches 65 percent for income in excess of 拢E200,000 per annum. It should be noted that foreign employees in Egypt are subject to this tax unless there is a particular statutory or regulatory provision exempting them from the tax. http://www.infoprod.co.il/country/egypt2... ranges in the 20's% Depends how much you make. |
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