126k taxpayers will be able unlock EGP 65 bn of frozen assets: CBE

Businesses may only have to pay a 1 percent down payment to unfreeze assets frozen by the Tax Authority as part of unresolved tax dispute, which could see up to 65 billion Egyptian pounds of frozen assets unlocked according to a source with knowledge at the Central Bank of Egypt.

This is a part of a larger tax settlement initiative that could cover up to 126k taxpayers in dispute with the Tax Authority, he added.

Taxpayers who are in dispute with the Tax Authority will still have to work toward a settlement after making the downpayment and unfreezing their assets.