Page 20 - Profmark Africa Overview 2024

Egypt (GMT +2)

General:
▪ Capital City: Cairo
▪ Official Language: Arabic
▪ Currency: Egyptian Pound (EGP)
▪ Main Exports: Oil, petroleum, minerals, chemicals, agricultural products
▪ Surface Area: 1 001.5 sq. km (thousands)
▪ Population: 116,538 million (2024,est)
Key Economic Indicators:
▪ GDP: $395.92 billion (2023) / GDP Growth Rate: 3.8% (2023)
▪ CPI Inflation Rate (annual): 33.9% (2023)
▪ Sovereign Credit Rating: Moody’s: Caa1
▪ Indicator of Economic Freedom Score: 49.7/100
Exchange Controls:
▪ N/A
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Egyptian-source income
Tax Rates:
▪ Individuals: Progressive rates to 27,5% [the first EGP 40,000 of taxable income - 0%]
▪ Companies: 22.5%
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 14%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Central Bank of Egypt http://www.cbe.org.eg
▪ Ministry of Finance http://www.mof.gov.eg
▪ GAFI http://www.gafi.gov.eg

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