E&P companies have agreed to pay what they owe under a since-scrapped 5% surtax on income over EGP 1 mn, ending a months-long stand-off with the Tax Authority after the EGPC brokered the settlement, Al Borsa reports. As we noted back in January, as many as 30 E&P companies had objected to paying the surtax on the grounds that a special income tax system had been already been set for the industry, following a notice sent out by the Tax Authority. Under this system, E&P companies pay a 40.6% income tax on top of a 22.5% general tax on corporations.