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Egypt Statutory Updates 2024

egypt statutory updates 2024

Here are the Egypt statutory updates for 2024

Effective March 2024

Minimum Wage Increase

Last February, President Abdel Fattah al-Sisi announced that Egypt’s minimum wage would increase from EGP3,000 TO 6,000. State workers will also receive a salary increase ranging from EGP1000 to 1,200. This is part of a social protection package, with the country’s currency undergoing a devaluation. 

Source: Reuters and Bloomberg

Tax Exemption Threshold Increase

Egypt’s tax exemption threshold increase will take effect starting March 1 of this year. The threshold is rising by 33 percent, or from EGP30,000 to 40,000. The annual personal exemption limit also changed from EGP15,000 to 20,000.

Here are the adjusted tax brackets:

Tax rate % EGP600,000 and under Between EGP600,000 to 700,000 Between EGP700,000 to 800,000 Between EGP800,000 to 900,000 Between EGP900,000 to 100,000 Over EGP100,000
0 Up to 40,000
10 40,000 to 55,000 Up to 55,000
15 55,000 to 70,000 55,000 to 70,000 Up to 70,000
20 70,000 to 200,000 70,000 to 200,000 70,000 to 200,000 Up to 200,000
22.5 200,000 to 400,000 200,000 to 400,000 200,000 to 400,000 200,000 to 400,000 Up to 400,000
25 400,000 to

1,200,000

400,000 to

1,200,000

400,000 to

1,200,000

400,000 to

1,200,000

400,000 to

1,200,000

Up to 1,200,000
27.5 Over 1,200,000 Over 1,200,000 Over 1,200,000 Over 1,200,000 Over 1,200,000 Over 1,200,000

Source: Official Gazette and Daily News Egypt

 

Featured photo by Omar Elsharawy on Unsplash

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