Egypt: Central Bank of Egypt defends bank accounts secrecy

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Egypt: Central Bank of Egypt defends bank accounts secrecy

Sponsored by

Eurofast Egypt
AdobeStock_79419266_Egypt

The head of Egypt's tax authority (ETA) Emad Sami said on August 26 2018 that an amendment to the Income Tax Act had been drafted to allow the finance minister to access corporate bank accounts to help combat tax evasion.

Central bank (CBE) governor Tariq Amer responded strongly to the comments later the same day, saying that the CBE would not accept, under any circumstances, allowing the finance ministry to access bank accounts belonging to corporations or individuals, adding that the CBE will protect the confidentiality of customer bank accounts.

Sami explained in a statement to Reuters that the amendment does not contradict the law governing the CBE or current judicial procedures. He stressed that the goal of this proposal was to reduce tax evasion and that not all accounts would be reviewed, but only those that provide unrealistic data. He added that tax inspectors would be allowed to review bank accounts strictly with the approval of the finance minister.

Responding to the storm of criticism from leaders of the banking sector, Sami stressed in an official statement that the ETA respects the law on bank account confidentiality, and that the confidentiality of bank accounts is guaranteed for investors.

According to Ruqaya Riad, legal adviser to the Federation of Egyptian Banks (FEB), the possibility of implementing this amendment has been ruled out, due to the negative impact that it would have on the banking sector and the wider economy.

Egypt is seeking to grow its tax revenues by 4 percentage points of GDP (up from 14% currently). A comprehensive amendment to the full tax law is expected next year, including stricter penalties for tax evasion.

more across site & shared bottom lb ros

More from across our site

Given the US/G7 pillar two deal, the OECD is in danger of being replaced by the UN as the leading global tax reform forum
Cinven’s latest investment follows its acquisition of a stake in Grant Thornton UK in December; in other news, a barrister listed by HMRC as a tax avoidance promoter has alleged harassment
CIT base narrowing measures remain more prevalent than increased CIT rates, the report also highlighted
ITR's parent company, LBG, will acquire The Lawyer, a leading news, intelligence and data-driven insight provider for the legal industry, from Centaur Media
KPMG UK’s Graeme Webster and KPMG Meijburg & Co’s Eduard Sporken outline the 20-year evolution of MAPAs, with DEMPE analyses becoming more prevalent and MAPA requirements growing stricter
Rishi Joshi, of the Institute of Chartered Accountants of India, warns of potential judicial overreach as assets are recharacterised to bypass a legislative exclusion
Only 2% of in-house survey respondents said they were ‘heavy’ users of AI for TP, Aibidia’s report also found
There was a ‘deeply embedded culture within PwC that routinely disregarded formal confidentiality obligations,’ the chairman of Australia’s Tax Practitioners Board said
Jennifer Best was most recently the acting commissioner of the IRS’s large business and international division
Section 899’s exclusion from the One Big Beautiful Bill does not mean it has been nipped in the bud, Aruna Kalyanam also tells ITR
Gift this article