Egypt To Receive Tax Information Exchange Support

by Lorys Charalambous, Tax-News.com, Cyprus

08 March 2018

Egypt is to receive international support to implement new measures in the area of tax transparency and information exchange.

Unveiled at a meeting on international tax reform in Cairo on March 7, the OECD and Egypt agreed a new project entitled "Enhancing Domestic Resource Mobilization in Egypt through a better tax and exchange of information system." It is to receive funding from the European Union.

Egypt became an active member of the OECD's base erosion and profit shfiting Inclusive Framework in July 2016. By adopting the Inclusive Framework, Egypt has agreed to implement BEPS minimum standards, including removing any harmful tax provisions from its domestic tax regime, amending its tax treaty rules to prevent treaty abuse, implementing country-by-country reporting rules and exchanging these reports with other countries, and working with other adopters to improve cross-border tax dispute resolution mechanisms.

The following month, Egypt joined the Global Forum on Transparency and Exchange of Information, within which 148 jurisdictions work to ensure the implementation of international standards for transparency and exchange of information in the area of tax.

Egypt also recently joined the Revenue Statistics in Africa project, which will result in standardized indicators on government revenues and will enable comparison with other countries.

TAGS: tax | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Egypt | tax reform | standards | Europe | Africa | BEPS