CBE rejects Taxes Authority's suggestion to disclose bank accounts

CAIRO – 26 August 2018: The Central Bank of Egypt (CBE) will not accept amending the banking system law according to the suggestion of Head of Taxes Authority Emad Samy, Governor of CBE Tarek Amer said.

The governor of CBE clarified that the suggestion will not be accepted by the central bank as it contradicts with the confidentiality of bank accounts.

Samy said earlier Sunday that the authority submitted a proposal to amend the law to allow the minister of finance to disclose the bank accounts of companies and individuals in a step aiming at reducing tax evasion.

"We submitted a proposal to amend Article 99 of the Income Act to allow the minister to disclose bank accounts which are inconsistent with the law of the Central Bank," Samy added.

According to the head of the Taxes Authority, under the desired amendment "all parties are obliged to allow the tax commissioner to view their bank accounts after the approval of the minister of finance."

On a similar note, the Ministry of Finance adopts new legislative decisions to facilitate industry, production and taxes collection.

Earlier in August, Minister of Finance Mohamed Ma’it announced the issuance of a draft law exempting taxpayers from the fine of payment delay for income taxes or stamp or development fee.

The minister clarified that the rates of exemption range between 90 percent as the highest segment and 50 percent as the lowest segment, facilitating industry and investment.

Finance Ministry to exempt taxpayers of tax due fine

CAIRO - 15 August 2018: Minister of Finance announced the issuance of a draft law exempting taxpayers from the fine of delay in payment of tax due, whether income tax or stamp or development fee.