Egypt implements temporary tax increase for wealthy

Egypt’s interim president, Adly Mansour, on Thursday signed into law a temporary five per cent income tax increase on individuals earning more than one million Egyptian pounds ($139,900) a year, the state news agency said on Thursday.

The tax will apply for three years.

Foreign investors will be looking to president-elect Abdel Fattah al-Sisi to enact reforms to strengthen an economy racked by three years of political upheaval, after he takes office on Sunday.