Egypt signs first international anti-tax evasion agreement

Egypt was among 68 countries to sign the Organization for Economic Cooperation and Development’s (OECD) Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting in Paris on 7 June, Vice Minister of Finance Amr El Monayer said, according to a ministry statement. The treaty modifies tax treaties to eliminate double taxation, and “implements agreed minimum standards to counter treaty abuse and to improve dispute resolution mechanisms,” according to an OECD statement. The agreement will allow Egypt to revise 35 treaties it has signed on double taxation, El Monayer said. Egypt and Kuwait are the only two Arab signatories, according to El Monayer. A delegation from the OECD is set to visit Cairo after Eid Al-Fitr to discuss Egypt’s private sector and taxation development, according to Assistant Vice Finance Minister Mai Abou Ghali said.