Egypt’s Tax Authority, OCI To Hold New Meeting By March 13

Orascom Construction Industries (OCIC.CA)  will hold a new meeting with the Egyptian Tax Authority’s Anti-Tax Evasion Department next Wednesday, March 13, as part of current investigations over charges of tax evasion in OCI’s deal to sell Orascom Building Materials to French Lafrage.

OCI has met Sunday afternoon with the Egyptian Tax Authority (ETA) starting a new of negotiations over the alleged tax claim against the company.

Sources at Ministry of Finance told Al-Youm Al-Sabei revealed that OCI has submitted to the ETA new documents proving that it paid a large portion of tax, Al Youm El Sabee newspaper reported.

Meanwhile, first-hand sources at OCI denied the news about offering to pay EGP 7 billion end the current tax dispute confirming that the company is committed to its legal rights and will continue talks with the Tax Authority’s Anti-Tax Evasion Department in this regard.

OCI had generated EGP 68 billion net profit from the divestment, on which the government claims EGP 14.4 billion tax.