The Central Bank of Egypt (CBE) issues circular to banks to clarify measures to unblock assets frozen due to tax disputes.
Cabinet’s decision to allow taxpayers to make 1 percent down payments to unblock holdings that were frozen by the Tax Authority will only apply to cases where no tax appeal was filed, CBE said in a letter to banks. In these cases, the taxpayer will be able to file an appeal disputing the final value of the unpaid dues
For cases in which a decision by any state appellate committee or court had ordered the taxpayer to pay back taxes, the taxpayer would have to make a 5 percent downpayment to unlock their assets.
The Finance Ministry in April halved to 5 percent the downpayment required to unlock assets as part of the tax dispute resolution bill ratified on 8 March
