Egypt’s Government Not To Impose Taxes In Arrears On EGX-Listed Firms

The Egyptian cabinet has asserted that it respects all the inked deals and is committed to the laws applicable to the companies listed in the Egyptian Exchange (EGX).

In a filling statement to the EGX, the Cabinet stressed that any procedures to be taken will not be in retrospect as long as the deals were legally valid and with the aim of protecting shareholders’ interests.

It is worth mentioning that President Mohamed Morsi has alluded in his speech on the anniversary of October war victory that there are some companies had circumvented the tax laws through listing its stocks in the EGX and delisting them afterwards which led to the state’s loss of around EGP 14 billion, MENA reported.