The National Postal Authority – Egypt Post has recently signed an agreement with the US tax authority to adopt the FATCA law (Foreign Account Tax Compliance Act).
As pursuant to the agreement, Egypt Post Chairman Ashraf Gamal El Din said his authority will start applying the FATCA regulations by the beginning of next July.
The Foreign Account Tax Compliance Act (FATCA) was signed into law on 18 March 2010. Its purpose is to uncover U.S. persons who may be evading U.S. taxes by investing through foreign financial institutions (FI) or other foreign entities
Countries that do not adopt the law may face punishment from the US government, the Egyptian official noted.
Meanwhile, more than 90% of banks working in Egyptian banking sector have recently signed to comply with the FATCA’s terms and regulations, will be effective as of the first of next July, 2014.