Egypt Establishes Martyrs & Victims Tax Fund

E
Eurofast

Contributor

Eurofast is a regional business advisory organisation employing local advisers in over 21 cities in South East Europe, Middle East & the Baltics. The Organisation is uniquely positioned as one stop shop for investors and companies looking for professional services.
On March 3rd, Law No. 4 of 2021 was promulgated by President Abdel Fattah Al-Sisi. The new law amends some provisions of Law No. 16 of 2018 and establishes funds to honor and support the families...
Egypt Tax
To print this article, all you need is to be registered or login on Mondaq.com.

On March 3rd, Law No. 4 of 2021 was promulgated by President Abdel Fattah Al-Sisi. The new law amends some provisions of Law No. 16 of 2018 and establishes funds to honor and support the families of the victims who are missing, lost their lives and/or were injured in war, terror attacks and security operations. 

The Executive Regulations were issued on May 10, 2021, by the Minister of Finance; their implications on companies have been summarized as follows: 

  • Deduction of a 0.0005% on every employee's gross salary. This shall be applied on all employees in the public and private sector with an exemption of temporary employees and casual workers.

EUROFAST EGYPT GUIDANCE 

Given that no remittance instructions have been published by the Egyptian Tax Authorities related to Martyrs fund contribution, Eurofast advises that companies deduct retrospectively the amounts starting from March 2021 salaries and put in a separate bank account until the bank account details are published by the Egyptian Tax Authorities.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More