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Egypt Parliament’s plan and the budget committee approved the Presidential decree regarding mutual administrative assistance on tax matters. The decree instructs banks to disclose exchange information. The decision was approved during the committee’s recent meeting with the government representatives
Egypt Parliament’s plan and the budget committee approved the Presidential decree regarding mutual administrative assistance on tax matters. The decree instructs banks to disclose exchange information. The decision was approved during the committee’s recent meeting with the government representatives.
In December, the Egyptian government proposed new amendments to the uniform tax law measures, demanding banks to disclose exchange information in order to fulfill international tax agreements of which Egypt is part. The aim is for preventing tax evasion for all included parties.
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As a part of an agreement activated in 2010 by G20, Egypt can be required to provide and confirm transactions belonging to nationals of state to ensure clean tax records and vice versa. Member countries of the agreement can exchange information whether on-demand or unprompted, execute tax checks, contribute in the restitution of property and facilitate mutual auditing processes.
