The Central Bank of Egypt has indicated that the government’s draft amendment to certain provisions of the law on uniform tax procedures only concerns the exchange of information with foreign tax authorities.
The bank said it was not the Egyptian Tax Authority for local purposes, but the implementation of the provisions of an international agreement concluded by all member states of the Global Forum on Transparency and Information Sharing for Tax Purposes, which was created by the G20 and the Economic Cooperation Organization, to which Egypt joined in 2016.
The Central Bank of Egypt confirmed in a statement tonight that the aforementioned bill does not affect the confidentiality of bank customer accounts in Egypt, for which the Central Bank and the law on the banking system have established strict guarantees to protect them, since it guaranteed the protection of the confidentiality of banking sector customer data, their accounts, deposits, trusts and safes in banks, as well as the confidentiality of transactions related to them, since it is established by law that their viewing or providing data about it to any party, directly or indirectly, except with the written permission of the owner of the account, deposit, trust or treasury , or one of his heirs, or one of the beneficiaries of all these funds. or some of them, either from his legal representative or agent, or by decision of a court or arbitration.
The Central Bank calls on the media and social networks to be accurate in the news they disseminate and verify their authenticity from official sources in order to avoid the spread of rumors that harm citizens and the national economy.
Counselor Dr. Hanafi Jabali, Speaker of the House of Representatives, referred the Government’s bill to amend certain provisions of the Law on Uniform Tax Procedures promulgated by Law No. 206 of 2020 to the Joint Committee of the Plan and Budget Committee. , as well as the offices of the Committees on Constitutional and Legislative Affairs and the Committee on Economic Affairs.
The draft provides for supplementing the text of Article 178 of the Law on the Unified Tax Procedure No. 206 of 2020 with the second paragraph as follows: The provisions of Articles 140 and 142 of the Law on the Central Bank and the Banking System No. implementation of the provisions of international tax treaties in force in Egypt.
Source: Cairo 24
