Egypt's outgoing interim President Adly Mansour signed into law a decree adding a 5 percent tax for three years individuals with incomes in excess of LE1 million and on profits of companies in excess of the same amount, Al-Ahram's Arabic news website reported.

In early May, the cabinet led by Prime Minister Ibrahim Mahleb approved the draft submitted by the finance ministry suggesting an additional 5 percent tax on those who earn more than LE1 million annually.

The 5 percent tax rate increase is to be applied temporarily for a period of three years.

Currently, those earning above LE250,000 a year are taxed at a rate of 25 percent.

The exceptional measure is designed to answer calls for social justice raised during Egypt's 2011 revolution – which brought down the regime of long-time autocrat Hosni Mubarak – as well as alleviate the financial imbalances exacerbated by three years of economic turmoil, Finance Minister Hany Kadry Demian told reporters in April.

The tax hike is expected to boost state revenues by between LE2 and LE3 billion a year

Mansour is due to leave office on Sunday following the swearing-in ceremony of president-elect Abdel-Fattah El-Sisi.