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 2026

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

Gregor McMillan of Howden explains how insurance-backed financing can help businesses and funds unlock liquidity from tax receivables and other contingent claims
The arrival of Alex Anderson swiftly follows that of funds tax specialist Stuart Alter and suggests the Tier 3-ranked firm has higher ambitions
One of the two appointments is EY’s Gordon McIntosh, who becomes the big four firm’s second senior tax departure in September
Balson's move from a Tier 1 practice to a Tier 3 competitor looks counterintuitive. The market data suggests it is anything but
Awards
It was another banner year for Deloitte, which picked up more awards than any other firm at a gala ceremony held at The Londoner in Leicester Square
The big four firm has been embroiled in a scandal over partners’ misuse of confidential board papers to pitch for and win corporate audits for Westpac and Dexus
Drawing on lessons from the PepsiCo case, tax lawyer Paul McNab explains why the ATO's latest royalty guidance should concern multinationals well beyond the technology sector
As pillar two exposes the limits of fragmented tax processes, organisations are rethinking their operating models to create the trusted data foundations that AI demands
World Tax data shows Matt Donnelly is moving from a Tier 3 transactional tax practice to a Tier 1 market leader, underlining Kirkland & Ellis’s pull at the top end of the market
Nexdigm's Maulik Doshi and infer360 co-founder Sunil Agarwal dig deeper into their partnership and discuss why the tax technology industry is consolidating
Gift this article