Last Thursday, the ECSD signed a memorandum of understanding (MoU) with the Egyptian Tax Authority to set the rules governing the application of agreements to avoid double taxation on bond returns for non-residents in Egypt. The MoU comes within the framework of the intensive preparations that the company is making to launch the first phase of its activity, which includes transferring all transactions related to treasury bonds to the company. He added that the most important goal of establishing the company is to organize the tax revenue resulting from the operations of bonds and treasury bills and to combine all these financial instruments under one umbrella. The ECSD was established with the aim of managing the deposit and settlement operations for all government debt instruments through a unified legal entity operating in accordance with international standards. The authorized capital of the ECSD, which is 70% owned by the Central Bank of Egypt (CBE) and 30% owned by the Finance Ministry, amounts to EGP 1bn, and the issued and paid-up capital recorded EGP 100m.
