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ASSOUNA & ABOU ALI 

Attorneys At Law
Cairo, Egypt

   
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Legal Bulletin

President Issues Law Increasing Taxes

12/26/2012

President Mohamed Morsi, in his capacity as the legislative authority, issued laws amending the Income Tax, Sales Tax, Stamp Duty Tax, and Real Estate and other taxes. This is part of the obligations of Government of Egypt's reform program agreed with the IMF last November to borrow $ 4.8 billion. Sales tax on cigarettes was increased by 50% of the consumer selling price, plus EGP2.50 on imported cigarettes. Sales tax on beer is now 200%, with a minimum of EGP400 on each hectoliter whether local or imported. And tax increased by 150% on alcoholic beverages with a minimum of 15 pounds on the liter, whether local or imported. The law also imposed an additional 25% tax on carbonated water, local or imported. However, the President decided to freeze implementation due to objections from many groups until a public debate decides whether and how to procced forward.

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