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Egypt

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About

Egypt

Capital
Official languages
Population 
Currency

ISO 4217

Cairo

Arabic

Approximately 100 million

Egyptian Pound

EGP

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Economy

"Egypt has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 5.3% in 2019, up from 4.2% in 2018. This growth was driven by a strong performance in the services sector, which accounted for more than half of the country's GDP. Inflation has also been kept in check, with the annual rate dropping from 14.4% in 2018 to 11.3% in 2019.

The country has also seen a rise in foreign direct investment (FDI), with inflows reaching $8.3 billion in 2019, up from $7.2 billion in 2018. This has been driven by the government's efforts to attract more foreign investment, including tax incentives and other reforms.

The Egyptian pound has also been relatively stable, with the exchange rate remaining at around 17.7 EGP to the US dollar since 2018. This has helped to keep the cost of living in check, with the consumer price index (CPI) rising by only 4.2% in 2019.

Overall, Egypt's economy has seen a steady improvement in recent years, with strong growth, low inflation, and increased foreign investment."

Taxation

**Corporate Taxation:** In Egypt, companies are subject to a flat corporate income tax rate of 22.5% on their net profits. There is also an additional tax on dividends paid to shareholders at a rate of 10%. Certain industries, such as oil and gas, telecommunications, and mining, may have special tax rates or exemptions.


**Personal Taxation:** Individuals in Egypt are subject to a progressive income tax rate, with the top marginal rate at 22.5%. The tax is imposed on all sources of income earned by individuals, including salaries, bonuses, and capital gains. Non-residents are only taxed on income earned within Egypt.


**Value Added Tax (VAT):** Egypt also imposes a value-added tax (VAT) at a standard rate of 14% on most goods and services, with certain exemptions and reduced rates for specific categories such as healthcare and education.


**Process and Calendar for Payments:** Companies in Egypt are required to file and pay corporate income tax on a quarterly basis. The first installment is due on April 30th, the second on July 31st, the third on October 31st, and the fourth on January 31st of the following year. Companies must also file an annual tax return within four months of the end of the fiscal year.


Individuals must file an annual income tax return by March 31st of the year following the tax year. Taxes owed are due by the same deadline. Employers are required to withhold taxes from employees' salaries and remit them to the tax authorities on a monthly basis.


Failure to file and pay taxes on time may result in penalties and interest charges. It is important for individuals and companies operating in Egypt to seek the advice of a qualified legal and financial professional to ensure compliance with all local laws and regulations.

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