CBE orders banks to clarify measures to unblock assets frozen due to tax disputes

The Central Bank of Egypt (CBE) issues circular to banks to clarify measures to unblock assets frozen due to tax disputes.

Cabinet’s decision to allow taxpayers to make 1 percent down payments to unblock holdings that were frozen by the Tax Authority will only apply to cases where no tax appeal was filed, CBE said in a letter to banks. In these cases, the taxpayer will be able to file an appeal disputing the final value of the unpaid dues

For cases in which a decision by any state appellate committee or court had ordered the taxpayer to pay back taxes, the taxpayer would have to make a 5 percent downpayment to unlock their assets.

The Finance Ministry in April halved to 5 percent the downpayment required to unlock assets as part of the tax dispute resolution bill ratified on 8 March