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Egypt: New facilities to remove levy on taxpayers bank accounts

Egypt: New facilities to remove levy on taxpayers bank accounts

Image from Dailynewsegypt

The Central Bank of Egypt (CBE) has announced new facilities to remove levy on taxpayers’ bank accounts.

In a letter to banks, the CBE said that, as part of a government initiative to end disputes between taxpayers and the Egyptian Tax Authority (ETA), it will remove levy on taxpayers’ bank accounts, so long as they pay 1% of the disputed tax value.

This is applicable on natural or legal persons regardless of their activity. Moreover, the door for appeals will be opened to taxpayers again.

The CBE added that if the value of the disputed taxes is due upon the decisions of the concerned committees, internal committees, an appeals committee, an Egyptian dispute-settlement committee, a committee to review the final assessment, or a court ruling, 5% of the tax should be paid. The rest of the disputed tax (95%) would be paid in instalments over a period of no less than two years.

The CBE stressed the need for banks to be alert to the necessary steps which should be taken to notify all clients whose funds are levied upon, either through registered letters, or other means of communication. This is to ensure customers take advantage of the initiative and reopen their factories and economic activities.

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