Minister of Finance, Mohamed Moeit, and Hisham Ezz Al-Arab, chairperson of the Federation of Egyptian Banks (FEB), signed two cooperation protocols between the Ministry and the FEB on Wednesday 24 October to end the existing tax disputes between the banks and the Egyptian Tax Authority (ETA). The disputes revolve around the stamp and income taxes, according the provisions of Law 14 of 2018, which stipulate the renewal of working according to Act 79 of 2016, concerning the termination of tax disputes. According to the FEB’s issued statement, that within the bounds of preparing for these two protocols was discussing the disputed items regarding the two taxes, through a joint committee of representatives from the FEB, the Finance Ministry, and the ETA. Furthermore, the statement also declared that the Ministry of Finance agreed with the FEB’s efforts to end all tax disputes. Finally, the FEB confirmed its continued thorough concern regarding the banks’ state of affairs and that they maintain open communication channels with officials from the Ministry of Finance.

Source: Daily News Egypt October 25, 2018 13:52 UTC