Egyptian banks, ETA to settle stamp tax dispute next Thursday

The Federation of Egyptian Banks (FEB) will sign a protocol with the Egyptian Tax Authority (ETA) next Thursday to settle the stamp tax dispute.

Each dispute will be tackled separately and tax dues will be allocated from banks in accordance with the rules of the protocol, assistant to the finance Minister Fathy Shaaban told Enterprise.

The finance ministry is engaged with nearly 1,000 tax disputes with several lenders over different taxation issues, Shaaban added.

He indicated that a separate protocol regarding tax on commercial profits is being discussed.

He also estimated around 17 billion pounds in proceeds from settling the stamp tax dispute with banks.

Companies’ deposits will be subject for the stamp tax under the new protocol, while individuals will be exempted, sources highlighted.