Egypt parliament approves bill allowing exchange of tax info with other countries

The one-article bill would add a paragraph to Article 78 of the 2020 Unified Tax Procedures Law, which stipulates that articles 140 and 142 of the Central Bank of Egypt's law on secrecy of banking accounts will not prevent banks from exchanging confidential information on the personal accounts of their clients in compliance with international tax agreements effective in Egypt.

Minister of Finance Mohamed Maait told MPs that the scope of the bill is limited to exchanging tax information with member states of the Forum.

“It is by no means related to breaching the secrecy of accounts of Egyptian citizens with banks,” said Maait, indicating that “the coronavirus pandemic and travel restrictions in 2020 and 2021 led to delaying the preparation of the bill.”

“But right now, the bill should be up for a vote because it is a matter of international obligation for Egypt,” Maait said.

House speaker Hanafi Gebaly also indicated that “the scope of the amendment is limited to exchanging tax information among the Forum's 172 member countries with the objective of fighting international tax evasion operations, tax havens, and money laundering activities.”