Egypt announces signing int'l agreement on tax of giant technology companies next June

CAIRO - 28 November 2021: Assistant Minister of Finance for Tax Policies and Development, Ramy Youssef, confirmed that a multilateral agreement for taxes will be signed next June, so that tax treatment will take effect from 2023, for which tax returns are submitted in the 2024 tax season.

He explained in an open dialogue with a number of economic editors, during the workshop organized in cooperation with the Macroeconomic Reform and Stability Project of the United States Agency for International Development (USAID), that 137 countries, including Egypt, joined this historic agreement announced by the Organization for Economic Cooperation and Development.

It contributes to addressing the tax challenges arising from the digitization of the economy, so that multinational companies pay a fair share of taxes wherever they operate and generate profits in different countries of the world, Youssef clarified.

He added that Egypt participated with great effort in drafting this international tax agreement, in a way that largely achieves the Egyptian requirements in its final formulation, in defense of our tax entitlements, and as a guarantee of justice. In order to preserve the rights of the Egyptian people, and to consolidate economic stability.