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The Egyptian Tax Authority warns of pending administrative freeze on 13 petroleum companies; Ministry of Finance refuses to settle the debts

May 17, 2014

Daily News Egypt



The Egyptian Tax Authority warned 13 public and private/public petroleum companies that they face an administrative freeze, and it has refused to accept their tax returns to date. This follows the Ministry of Finance having refused to settle the companies' tax debt, which is estimated at EGP 3bn owed to the Tax Authority, according to the EGPC executive chairman.

The measure is "unfounded", he said, because if the law were to be enforced as it truly stands, then the Ministry of Finance, upon repaying its debts to EGPC, would immediately pay the tax dues, which represent less than 3% of the dues it owes to EGPC.

Al-Mula said: "We are all working for the benefit of Egypt and the average citizen." It is not helpful, he added, given the poor economic conditions the country is currently experiencing, to threaten public and private-public companies with freezes.


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Source: Daily News Egypt


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