Arab Finance: Egypt has decided to raise the income tax exemption limit for public and private sector employees by 50% in the budget of the fiscal year (FY) 2023/2024 to reach a total of over EGP 10 billion, Ministry of Finance Mohamed Maait stated on May 9^th.

Allocations for government investments have increased to EGP 587 billion in the upcoming FY’s budget, in order to create new job opportunities and enhance services, with the state targeting to boost the share of sustainability projects to 50% out of total government investments, the minister stated.

The country has also endorsed a package of incentives and initiatives to boost green transition and expand renewables projects, according to Maait.

He added that the new budget includes the assignment of a total of EGP 3.7 billion for the appointment of 70,000 teachers, doctors, pharmacists, and others in several sectors across the country, along with EGP 500 million for the state’s employee promotions.

The minister noted that the country has allocated EGP 6 billion to trim the costs of electricity bills for industrial activities, in addition to EGP 1.5 billion to pay the property tax for the industrial sector.

Moreover, the government has been keen to fulfill the constitutional commitment to the healthcare sector with EGP 397 billion as well as to education and scientific research with EGP 691.5 billion, Maait said.

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