The Central Bank of Egypt said that the bill to amend certain provisions of the Law on Uniform Tax Procedures, submitted by the government, only concerns the exchange of information with foreign tax authorities, and not with the Egyptian tax authority for local purposes, and that this is to be in pursuance of the provisions of an international agreement , to which all member states of the Global Forum are bound. For transparency and information sharing for tax purposes, which was created by the G20 and the Economic Cooperation Organization, to which Egypt joined in 2016.
The Central Bank indicated that the aforementioned bill does not affect the confidentiality of bank customer accounts in Egypt.
He pointed out that the Law on the Central Bank and the Banking System established strong guarantees for the protection of the confidentiality of bank customer accounts, since it guaranteed the protection of the confidentiality of banking sector customer data, accounts, deposits, trusts and safes in banks. and the confidentiality of related transactions.
The Central Bank Law also provides that it is not permitted to view customer accounts or provide data about them to any party, directly or indirectly, except with the written permission of the owner of the account, deposit, trust or treasury, or from one of his heirs, or from one of the assigns to all or some of these funds, either from his legal representative or agent, or by virtue of a court or arbitration award.
