Egypt Approves Unified Profit Tax as Alternative to Corporate Fees

Egypt Approves Unified Profit Tax as Alternative to Corporate Fees

Egyptian President Abdel Fattah El-Sisi has directed that fees charged by various government agencies and entities be replaced with a unified additional tax representing a percentage of net profit, according to a statement issued by the Presidency on Sunday.

Fathi Al-Sayeh wrote: Mohamed Al-Argawy, head of the Tax Collectors Syndicate, welcomed President Abdel Fattah El-Sisi's directives to replace fees imposed by various government agencies with a unified tax on investors' net profits, stressing that this move represents "a qualitative shift in the path of real economic reform." Al-Argawy said in a press statement that "the business community has long called for simplifying the cost structure that.…