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This is the first step towards the unification of the income tax, and comes two days after holding an economic best fashion magazine conference in Sharm el-Sheikh resort before seeking Egypt through which to attract local and foreign investments of between 10 billion and 12 billion dollars.
It is known that the maximum tax income in Egypt is currently 25 percent, while last year the government imposed an additional tax rate of five percent for a period of three years to increase the income of one million pounds per year from individuals and companies.
The statement quoted the finance minister as saying: "This action coincides with the support of the capital base of investment procedures, which include reducing the tax rate on the contributions of machinery and equipment of ten percent of sales to five percent with a fully tax response to a single payment, immediately after the first tax return."
This days locked Egypt uphill battle to restore best fashion magazine confidence in its economy battered by years of political turmoil since the Arab Spring uprisings in 2011 and is trying in various ways to attract foreign investment from its new investment climate by creating and conducting legislative reforms and tax.
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