CAIRO – Egyptian Finance Minister Mohamed Maait and Public Business Sector Minister signed on Friday a protocol to settle tax debts on some state-owned holding companies and their subsidiaries.
According to the signed cooperation protocol, untapped land lots and real estate assets, owned to these holding companies and their subsidiaries, will be swapped to the Finance Ministry in return to settle some of their accumulated tax arrears, owed to the Tax Authority till December 2020.
The protocol’s settlement mechanism, if agreed, could be extended to settle additional arrears till December 2021.
The protocol comes as part of the government’s keenness on settling financial disputes among different state bodies, as well as enhancing the financial structures of the public business sector’s companies.
