PM refers bill to parliament allowing exchange of banking information for tax purposes

On Wednesday, Prime Minister Mostafa Madbouly referred to Parliament a draft law providing for an amendment to the unified tax procedures law.

This is in accordance in which banks are allowed to disclose its information for the purposes of information exchange.

This was for the initial proposal and implementation of the international taxation agreement in force in Egypt.

The law was referred after reviewing the constitution.

The law of the Central Bank of Egypt and the banking system, the unified tax procedures law, taking the opinion of the Central Bank, and the approval of the cabinet.

The addition was as follows:

“A second paragraph shall be added to the text of Article 178 of the Unified Tax Procedures Law No. 206 of 2020, which reads as follows:

The provisions of Articles 140 and 142 of the Central Bank and Banking System Law No.

194 of 2020 do not prejudice the disclosure of information with banks, for the purposes of information exchange, in implementation of the provisions of the international tax agreements in force in Egypt,” the draft stipulated.

The law shall be published in the Official Gazette and come into force on the second day following its publication.

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