Egypt submits ratification of anti-tax avoidance agreement to OECD

Egypt has submitted its ratification of an international agreement to crack down on tax avoidance to the Organization for Economic Cooperation and Development, a Finance Ministry statement said on Saturday. The agreement comes into effect in Egypt in January and helps to prevent companies from using loopholes in double taxation agreements to avoid tax. These treaties have cost the government tens of EGP bns, the ministry said. Egypt signed the agreement in June 2017 and submitted its initial ratification in September following parliamentary approval in the summer.