Some of the main changes brought by Law No. 30 of 2023 are listed as follows:

Corporate Income Tax

• Requiring submissions of electronic Invoices or receipts for costs and expenses to receive tax deductibility. The compliance deadline for e- bills is from July 2023 and for e-receipts from January 2025 subject to Minister’s extension of the deadline for not more than one year.
• Introducing a flat tax rate on dividends received by a natural person (5%) or juridical person (15%).
• Introducing the definition of Closely Related Enterprises.
• Amendments to the definition of Permanent Establishment, dependent agent, and independent agent scope.

Interest Deductibility

• Gradual reduction of the 4:1 debt to equity ratio of the thin capitalization to 2:1 over a five-year period as follows:

4:1 for the taxable year 2023.

3:1 for the taxable year 2023-2027.

2:1 for the taxable year 2028.

Capital Gains Tax

• Deferring the unpaid capital gains tax realized by juridical or natural persons from selling their shares in the Egyptian Stock Exchange before 15 of June 2023.
• Extending the deadline for 60 days from the date of executing the transaction for non-residents to apply for CGT.

Personal Income Tax

• The first income tax bracket subject to (0%) tax increased to 21,000 L.E from 15,000 L.E.
• Increasing the personal exemption amount to 15,000 L.E from 9,000 L.E.
• Implementing a new tax bracket of 27.5% on Individuals Annual Income that exceeds 1.2 million L.E

To view the full text of the amending Law No. 30 of 2023 and the amended Law No. 91 of 2005.