Tax Authority reportedly takes action to seize EGP 990 mn from GTH

Tax Authority reportedly takes action to seize EGP 990 mn from GTH: Global Telecom Holding (GTH) said it has received information about, but not formal service of, an administrative seizure order by the Egyptian Tax Authority (ETA) concerning its local bank accounts for a contested amount of EGP 990 mn. GTH says it has been contesting ETA’s claim in good faith and that senior management of the company were not made aware for this activity until 31 December 2017 and promptly provided initial notification to the EGX prior to the start of trading on 2 January. GTH says it will contest the unilateral seizure action by the ETA and will continue honoring all of its obligations. The contested amount is regarding 2016 disputed tax claims.