President Sisi's new economic policies to be implemented in FY2020/2021: Finance minister

Doaa A.Moneim , Sunday 15 Mar 2020

 Mohamed Maait
A file photo of Egypt's finance minister Mohamed Maait (Photo: Al-Ahram)

Egypt’s Minister of Finance Mohamed Maait has announced that the FY2020/2021 state budget includes procedures that aim to improve the financial position of employees at state bodies as part of income reforms that Egypt has adopted.

Maait's comments came in a press conference held on Sunday to expound on the economic decrees President Abdel-Fattah El-Sisi announced late on Saturday.

Maait clarified that all procedures that the president has instructed to be undertaken on Saturday will be implemented as of FY2020/2021.

The procedures include an increase of the tax exemption ceiling to EGP 15,000, up from EGP 8,000, in addition to raising the personal exemption ceiling to EGP 24,000.

FY2020/2021 will also offer a new tax bracket of 2.5 percent for those whose income is under EGP 35,000 annually.

Furthermore, employees under the civil service law will be granted 7 percent of their basic payroll as a salary increment as of 30 June, with a minimum of EGP 75 monthly without a maximum level, while employees who are not covered by the law will get an increment of 12 percent with the same conditions.

Maait also clarified that the ministry is committed to the president's instructions on providing financial allocations to implement the state’s plans to combat COVID-19, with a total of EGP 100 billion.

On the other hand, the minister said that EGP 187.7 million has been allocated preliminary for the Ministry of a Health, including EGP 153.5 million for buying raw materials to counter the coronavirus, and EGP 34.1 million as bonuses for those who work in quarantine.

Maait asserted that all such procedures came in line with the state’s willingness to help all citizens reap the fruits of the economic reform programme.

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