On 7 May 2014, Egypt’s cabinet approved a temporary income tax increase on individuals earning over EGP 1 million. Currently individuals earnings over EGP 250,000 are subject to a 25% tax rate, while the new proposed rate for earnings over EGP 1 million will be 30%.
One particularly interesting aspect of the increase is that the taxpayers subject to the extra 5% will have some say in how the increased tax contribution is spent, including public projects in the educatio…