Egypt’s banks and Finance Ministry closing in on agreement to settle stamp tax disputes

EXCLUSIVE- Egypt’s banks and Finance Ministry closing in on agreement to settle stamp tax disputes: The Finance Ministry and the Federation of Egyptian Banks (FEB) have agreed to settle outstanding issues concerning the stamp tax, Assistant to the Finance Minister Fathy Shaaban told Enterprise. A new agreement to set the new compromise framework will be signed on Thursday, which will serve as the basis to settle stamp tax disputes with banks on a case by case basis, he added. He noted that the ministry is engaged with around 1,000 tax disputes with various banks over multiple taxation issues. While he did not dive into the specifics of the disputes, previous reports dating back to 2015 had noted that banks are not happy with forced to pay the stamp tax on assets seized from defaulters.