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Egypt approves raising minimum income tax threshold

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Egypt's cabinet has approved raising the minimum income tax threshold to $398 a year from $359. The decision has yet to be approved by parliament. The Finance Minister said that the government has also made changes on a social security package that includes a 15% rise for pensioners and up to 20% rise in salaries for state employees. The measures are partially designed to defuse discontent over steep price hikes resulting from reforms introduced in November. The measures include the floatation of the Egyptian pound, the introduction of value added tax and partial lifting of subsidies on fuel. The new package is a relief to millions of Egyptians at the start of the holy month of Ramadan.Subscribe to us on YouTube: http://ow.ly/Zvqj30aIsgYFollow us on:Facebook: https://www.facebook.com/cgtnafrica/Twitter: https://twitter.com/cgtnafrica

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