Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Minister of investment ready to intervene in Orascom tax dispute
Published in Daily News Egypt on 17 - 03 - 2013

Minister of Investment Ossama Saleh is ready to intervene to solve the tax evasion dispute between Orascom Construction Industries (OCI) and the Egyptian Tax Authority (ETA), confirmed Yasser Moheb, from the Ministry's press office.
“The ETA has the right to review all investment agreements in order to ensure the absence of suspicions over tax evasion," said Moheb. He added that Egyptian law allows for dispute settlements away from the courts, with possibilities for the intervention of the Ministry of Investment through its dispute resolution committees and mediation centres if all previous legal attempts at a solution have failed.
“This is a positive initiative from the Government to start resolving the dispute," said former Chairman of the ETA Ashraf Al-Araby, “especially since there is nothing to prevent the Ministry of Investment from intervening."
“The ETA has the right to review the agreements for five years from the date of their tax declaration submission," he continued. “I expect that this dispute will be concluded without any conditions from the ETA."
The ETA submitted a tax bill demanding the company pay EGP 4.7bn in relation to the sale of Orascom Building Materials Holding (OBMH) to Lafarge SA in 2007, as clarified by the company in 4 March press release.
OCI then held two meetings with the Egyptian Tax Authority (ETA) last week to discuss tax evasion allegations directed at the company's management. The meetings did not reach a conclusion, said sources, with a third meeting scheduled for Sunday.
Saleh also said it was unlikely that Nassef Sawiris would be seeking international arbitration over the case at the moment, according to media reports, since Egyptian law allows for many stages in domestic litigation procedures over such cases before such a step can be taken.
Saleh also said he had hopes that Sawiris' “patriotic spirit” would hold him back from seeking international arbitration.
During Thursday's trading session, OCI shares fell to a three-month low to reach EGP 230 per share, with the EGX 30, the Egyptian Exchange's (EGX) benchmark index, dropping 2.1% on the same trading session.
Saleh also denied the seriousness of the crisis and its impact on the investment climate, though stressing the necessity to find quick solutions to resolve the dispute.
When contacted, OCI declined to comment on the matter.


Clic here to read the story from its source.