Egypt among 130 countries to reach deal to combat tax evasion

Egypt and 129 other countries worldwide have reached an unprecedented deal on the distribution of the taxes, particularly as they relate to multinational companies working in the digital economy through online platforms, Minister of Finance Mohamed Maait announced on Friday.

Maait made his comments during the 12th conference of the Organisation for Economic Co-operation and Development (OECD) on measuring tax regulatory performance.

The final deal will be announced by October.

The deal focuses on companies that lack a legal framework to work in these countries, according to Maait.

The 130 countries have agreed on setting new tax measures, which are expected to help push these companies towards paying their fair share of taxes by applying a minimum 15% percent tax limit, according to the minister.

“That deal will preserve Egypt’s tax receipts from the multinational companies’ activity in the Egyptian market, and it is expected to enhance Egypt’s tax revenues from companies working in the digital area in the domestic market,” Maait explained.