Egyptian House of Representatives Speaker Hanafi Gebali stressed on Sunday that new amendments to Unified Tax Procedures Law will not breach the secrecy of the personal banking accounts of ordinary citizens.
The new amendment was knitted in a very accurate and legal way and it complies with international agreements that were signed by Egypt and other countries who are members of the Global Forum for Transparency and Exchange of Information for Tax Purposes, he said at a debate on the new amendments.
The amended law would add a paragraph to article 78 of the CBE law, which stipulates that articles 140 and 142 of CBE’s law on secrecy of banking accounts will not prevent banks from exchanging secret information on the personal accounts of their clients in compliance with international tax agreements effective in Egypt.
Gebali said the new amendment is just related to exchanging information in line with international agreements effective in Egypt and is by no means related to disclosing information on the personal accounts and deposits of citizens with Egyptian banks or divulging their industrial, commercial and professional secrets.
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