Al Baraka Bank Egypt expects new tax treatment to hit 2019 profits

Al Baraka Bank expects its 2019 profits to decline by 5-7% as a result of proposed amendments to the tax treatment of bank income from government debt, if they are approved, the bank said in an EGX disclosure (pdf). The bank, however, doesn’t expect the decision to reflect in its 2018 financial statements. Abu Dhabi Islamic Bank, CIB and QNB had also said last week that their 2018 financial results will not reflect the impact of the proposed amendments.