The Ministry of Finance: signing an agreement with Global Telecom and its subsidiaries to settle their tax dispute of a $ 136 million

Thursday, 27 June 2019

Ministry of Finance announced signing an agreement with Global Telecom
Company to settle the tax dispute between the company and its Egyptian
subsidiaries and the Egyptian Tax Authority.  Upon this agreement, Global
Telecom will pay its tax dues to the tax treasury, which amount to $136 million
until 31 December 2018. 
The Ministry said that the agreement was reached after several meetings with
the company's officials, as Minister of Finance Mohamad Ma’it, called for the
need to resolve this tax dispute amicably to send a message to the Egyptian and
international business community confirming the keenness of the Egyptian state
to resolve any disputes with companies operating in Egypt amicably while
preserving the rights of the state treasury. 
The agreement with Global Telecom guarantees the repayment of two payments,
the first payments worth $53.7 million paid with the signing of the agreement and
the second records $82.3 million. 
The ministry said that the agreement comes in the interest of the Ministry of
Finance on the speed of ending any tax dispute with taxpayers in order to
stabilize the financial and tax centers of companies operating in Egypt and in
light of the directions of the state urging the speed of solving the problems of
investors as the best catalyst to attract more foreign investment, in addition to the
positive return on the increase in the revenues of the State Treasury and the
activation of transactions in the Egyptian Stock Exchange and the importance of
concerted efforts of all organs of the state to achieve development in all areas.