Finance Ministry banking delegation in talks over taxes on treasury bonds

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Wed, 13 Feb 2019 - 09:48 GMT

File - Finance Ministry

File - Finance Ministry

CAIRO, Feb 13 (MENA) - The Finance Ministry, represented in the Taxes Authority, held a meeting on Wednesday with a committee representing banks under the supervision of the Central Bank of Egypt to discuss the parliament's approval of amendments to some provisions of the Income Tax Law no. 91 of 2005.

The parliament approved amending the last paragraph of Article 58 by separating the treasury bills and bonds in a separate revenue pot, without imposing new taxes on these treasury bills and bonds and maintaining the same tax rate of 32 percent mentioned in the amended article.

The amendments will be applicable once President Abdel Fattah El Sisi approved them, said Deputy Finance Minister Ahmed Kouchouk.

The meeting examined the best application of the legislative amendment in a way that will increase tax allocations without imposing new taxes, he added.

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