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Sunday, 1 December 2019

FinMin issues new regs on dual taxation for yields on Egyptian treasuries

FinMin issues new regs on dual taxation of yield on treasury bonds and bills: The Finance Ministry issued on Thursday a decision that allows non-residents to pay taxes on yields from Egyptian treasury bonds and bills at the rate stipulated by a dual taxation agreement with their country of residence, according to a cabinet statement. The regulations will allow these investors to claim rebates on the taxes they have paid on Egyptian treasuries if the dual taxation agreement sets a lower rate, or file for complete exemption where applicable. Under the regulations, Egypt’s Tax Authority will be required to complete the tax remittance process within 30 days of the investor filing the necessary documents. The decision came into effect yesterday.

In related news, Egypt became a signatory to the Yaoundé declaration (pdf), which is designed to combat tax evasion and the flows of illicit financing through a network of information exchange between African countries, the Finance Ministry said yesterday. The declaration was first signed in November 2017, and a total of 27 African countries (including Egypt) have signed the treaty.

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