Back to the complete issue
Monday, 19 June 2017

Egypt signs first international anti-tax evasion agreement

Egypt was among 68 countries to sign the Organization for Economic Cooperation and Development’s (OECD) Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting in Paris on 7 June, Vice Minister of Finance Amr El Monayer said, according to a ministry statement. The treaty modifies tax treaties to eliminate double taxation, and “implements agreed minimum standards to counter treaty abuse and to improve dispute resolution mechanisms,” according to an OECD statement. The agreement will allow Egypt to revise 35 treaties it has signed on double taxation, El Monayer said. Egypt and Kuwait are the only two Arab signatories, according to El Monayer. A delegation from the OECD is set to visit Cairo after Eid Al-Fitr to discuss Egypt’s private sector and taxation development, according to Assistant Vice Finance Minister Mai Abou Ghali said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.