Egypt’s Tax Authority Reconciles With OCI For EGP 7.1 Billion; Minister Says

The prolonged tax disputes between Orascom Construction Industries (OCIC.CA) and the Egyptian Tax Authority (ETA) will be resolved soon through an anticipatory settlement agreement, Egypt’s Finance Minister said on Sunday.

The tax dispute was over EGP 14 billion tax evasion claims erupted by selling Orascom Building Materials to French Lafarge in 2007.

As pursuant to the expectant settlement agreement, OCI shall pay EGP 7.1 billion to the Egyptian government so as to end the company’s tax evasion dispute.

Egypt’s Finance Minister El-Morsi Hegazy stated that OCI and ETA will be reaching a settlement agreement very soon so as to finally end the tax evasion saga.

On the sidelines of the 2nd International Conference for Public and Private Sector on Sunday, Hegazy noted that the Egyptian government will never be intransigent when it comes to the national firms’ future operations in the country.

The Egyptian government is willing to preserve and support the current investments in the country for they would play a major role in alluring further fresh investments in the upcoming period, the minister added.