Parliament has submitted to Economic Affairs and Legislative Affairs committees a proposal to amend the Income Tax Law from members of Parliament, to be discussed within the coming days. The government is currently studying a progressive taxation law, according to Egypt’s Prime Minister Sherif Isamel. “It is time to study a law for progressive taxation, and hopefully we will make a decision soon,” Ismael said. There is a possibility that taxes on the highest income category could be raised from the prevailing 22.5%, but there is no agreement on the increase, government sources said.  Currently, individuals earning less than EGP6.5k/year are tax-exempt, EGP6.5K-30K/year pay 10% taxes, EGP30-45K/year pay 15%, EGP45-200k/year pay 20%, while exceeding EGP200k/year pay 22.5%. The proposal suggests the law to rather divide income brackets to six: less than EGP14.4k/year to be tax-exempt, EGP14.4K-30K/year to pay 10% taxes, EGP30-45K/year to pay 15%, EGP45-200k/year to pay 20%, EGP200-500k/year to pay 22.5%, while exceeding EGP500k/year would pay 30%. (Al Borsa)