Regulations to write-off expenses incurred in sourcing FX from the parallel market coming “soon”

Businesses will soon learn how they can treat for tax purposes the discrepancy between what they paid for FX in 2016 and the official market rate at the time, Finance Minister Amr El Garhy told Al Borsa. The ministry is consulting with business associations and looking for a solution that’s fair to all parties, the minister said. In addition to the Finance Ministry, the Egyptian Financial Supervisory Authority is reportedly studying the issue, according to Al Mal.