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Central Bank: A draft law amending the Tax Procedures Law does not affect the secrecy of bank accounts

The Central Bank clarified that the draft law to amend some provisions of the Unified Tax Procedures Law submitted by the government is only related to exchanging information with foreign tax authorities and not with the Egyptian Tax Authority for local purposes.

He added in a statement that this will be in implementation of the provisions of the international agreement to which all member states of the Global Forum for Transparency and Exchange of Information for Tax Purposes, which was established by the G20 and the Economic Cooperation Organization, and which Egypt joined in 2016, are committed to.

The Central Bank of Egypt stressed that the aforementioned draft law does not affect the confidentiality of bank customers’ accounts in Egypt, for which a law was established.Central»The banking system has strict guarantees to protect it, as it guaranteed the protection of the confidentiality of banking sector customers’ data, accounts, deposits, trusts, and safes in banks, as well as the confidentiality of transactions related to it.

The law also stipulates that it is not permissible to view them or give data about them to any party, directly or indirectly, except with a written permission from the owner of the account, deposit, trust, or treasury, or from one of his heirs, or from one of the legatees for all or some of these funds, or from his representative. the legal representative or his representative, or based on a court ruling or arbitral award.

The Central Bank calls on the media and social networking sites to be accurate in the news being circulated and to ensure its authenticity from its official sources, in order to avoid the spread of rumors that harm citizens and the national economy.

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