14 banks among Egypt’s top taxpayers for this season: tax authority

For the current tax season 2015/2016, 14 banks came among Egypt’s top taxpayers, Osama Tawakol, head of the Large Taxpayer Centre at the Egyptian Tax Authority, told Daily News Egypt.

Tawakol said the 22 names on the list include 14 banks, two telecommunications companies, and five petroleum and petrochemicals companies.

He added that the Commercial International Bank (CIB) topped the list of outstanding taxpaying institutions, followed by Qatar National Bank Al-Ahly (QNB), HSBC, Banque Du Caire, the Arab African International Bank (AAIB), and Alexandria Bank.

The list also included Etisalat Misr, Citibank, Telecom Egypt, Faisal Islamic Bank, Credit Agricole, Sidi Krier Petrochemicals Company, Emirates NBD, and the Arab Petroleum Pipelines Company.

Also on the list were the Housing and Development Bank, National Bank of Kuwait-Egypt, Exxon Mobil Corp, SAIB, Arab Company for Projects and Urban Development, ENPPI, Bank Audi, and United Gas Derivatives Company.

ETA aims to collect tax proceeds of EGP 342bn for this fiscal year, from EGP 372bn, having excluded EGP 30bn since the Value Added Tax (VAT) was not imposed.

Source: Daily News Egypt