The Central Bank specified that the bill to amend some provisions of the Unified Tax Procedures Law presented by the government relates only to the exchange of information with foreign tax authorities and not with the Egyptian Tax Authority for local purposes, and that this will be in implementation of the provisions of the international agreement to which all Member States of the Global Transparency Forum have committed themselves and of the exchange of information for tax purposes, established by the G20 and the Organization for Economic Cooperation, to which Egypt has joined in 2016.
The Central Bank of Egypt confirms that the aforementioned bill does not affect the confidentiality of bank customer accounts in Egypt, for which the Law on the Central Bank and the Banking System has placed strict guarantees to protect them, as it guaranteed the protection of the confidentiality of customer data in the banking sector, accounts, deposits, trusts and bank safes, as well as the confidentiality of transactions related to them. The law also provides that it is not permitted to view them or give their data to anyone, directly or indirectly, unless authorized in writing by the holder of the account, depository, trust or treasury, or one of his heirs, or any legatee for all or any of these funds, or his representative. representative or representative of her, or pursuant to a court order or arbitration award.
The Central Bank invites the media and social networks to be precise in the news circulating and to ensure its authenticity from official sources, in order to avoid the diffusion of rumors that damage citizens and the national economy.
