Why does the unified tax procedures bill worry Egyptians?

The unified tax procedures bill raised a state of controversy among citizens during this period, which prompted the Central Bank to issue statements to clarify the matter.

  The Central Bank clarified that the draft law to amend some provisions of the Unified Tax Procedures Law submitted by the government is only related to exchanging information with foreign tax authorities and not with the Egyptian Tax Authority for local purposes.

He pointed out that the draft unified tax procedures law will be implemented in accordance with the provisions of the international agreement that all member states of the Global Forum for Transparency and Exchange of Information for Tax Purposes, which was established by the G20 and the Economic Cooperation Organization, to which Egypt joined in 2016, are committed.

It does not affect the confidentiality of bank customers' accounts in Egypt

The Central Bank of Egypt confirmed that the draft law does not affect the confidentiality of bank customers’ accounts in Egypt, for which the Central Bank and Banking System Law has set strict guarantees to protect them.

Do not release any data without the permission of the account holder

  The law also stipulates that it is not permissible to view it or give data about it to any party, directly or indirectly, except with a written permission from the owner of the account, deposit, trust, or treasury, or from one of his heirs, or from one of the legatees for all or some of these funds, or from his representative. the legal representative or his representative, or based on a court ruling or arbitral award.

The Central Bank calls on the media and social networking sites to be accurate in what is being circulated of news and to ensure its authenticity from its official sources, in order to avoid the spread of rumors that harm citizens and the national economy.