A rare rash of global sanity.

Egypt joins tax-cutting parade
By DanMitchell
Posted on Fri Jul 15th, 2005 at 12:01:37 PM EST

Tax competition is encouraging nations around the world to lower tax
rates and Egypt is the latest nation to hop on the bandwagon.
Tax-news.com reports on the sweeping tax rate reductions that take
effect immediately:
Egypt is introducing sharply lower rates of corporate and personal
taxation from 1st July. Under the new code, which has been working its
way through the debate and drafting process since September, most
companies will pay 20% tax on their profits. Under the previous tax
system, industrial and export firms paid 22%, while most other
companies paid 40%. The new tax code preserves tax exemptions for
profits from stock exchange investments, on dividends paid to
shareholders and on interest payments from banks and bonds. ...For
individuals, the maximum tax rate is now 20% instead of 40% and the
thresholds for each tax bracket have been raised.

[This rare rash of global sanity can only IMPROVE the wealth
expatriation options for Americans seeking to escape the predatory tax
police they must endure in America.]


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