Hisham Okasha, Deputy Chairman of the National Bank of Egypt (NBE), has stressed on the necessity of making up more investments in the in the information technology (IT) sector within the coming period so as to make the sector compliant with the Foreign Account Tax Compliance law (FATCA)’s provisions.
Okasha has explained that in case of not adopting the FATCA, the Egyptian banks will bear up to 30% of the taxes imposed on the banking transactions with the US banks.
The United States is making the best use of its globally economic position in reaching the best methods and solutions to solve its economic challenges, Okasha noted.
During his address to the Arab Banking Conference 2013, Okasha further said giving nod to apply the Foreign Account Tax Compliance Act (FATCA) will enable the Egyptian banks to have direct access to accurate figures for accounts belonged to clients holding Arab-state nationality or any other state signed the FATCA agreement.
