Egypt to pen international deal on tac of giant technology companies

Egypt to pen international deal on tac of giant technology companies

  
Sunset on the Nile river in Cairo, Egypt. Image used for illustrative purpose.

Sunset on the Nile river in Cairo, Egypt. Image used for illustrative purpose.

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ArabFinance: Egypt will sign a multilateral agreement for taxes in June 2022, so that tax treatment will take effect from 2023, for which tax returns are submitted in the 2024 tax season, according to Ramy Youssef, Assistant Minister of Finance for Tax Policies and Development.

Youssef added that 137 countries, including Egypt, joined this historic agreement announced by the Organization for Economic Cooperation and Development.

It contributes to addressing the tax challenges arising from the digitization of the economy, so that multinational companies pay a fair share of taxes wherever they operate and generate profits in different countries of the world, Youssef clarified.

He further added that Egypt participated with great effort in drafting this international tax agreement, in a way that largely achieves the Egyptian requirements in its final formulation, in defense of our tax entitlements, and as a guarantee of justice. In order to preserve the rights of the Egyptian people, and to consolidate economic stability.

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