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Sunday, 26 May 2019

Egypt’s Tax Authority agrees to EGP 2 bn settlement in Global Telecom dispute

EXCLUSIVE- Global Telecom could pay EGP 2 bn to end tax dispute: The Tax Authority is nearing an agreement with emerging markets telecom operator Global Telecom Holding (GTH) to end a multi-bn dispute over taxes and penalties, two government sources tell Enterprise. The agreement could see the company pay EGP 2 bn to close the case, which dates back to 2018. According to our sources, GTH reps from will meet with Finance Minister Mohamed Maait tomorrow to finalize the settlement. Reps from majority shareholder Veon Holdings, which is looking to acquire the 42.3% of GTH that it does not already own, have also been sitting in on the meetings between GTH and the government. Some market observers have claimed the ongoing dispute — which has embroiled both retail investors and a handful of “activist” institutional investors — has sapped sentiment on the EGX.

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