September 19, 2019
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Global Telecom Second Settlement with Egyptian Tax Authority
Egyptian Exchange
Posted: Tuesday, 10 Sep 2019

Abdul Azim Hussein, Head of the Egyptian Tax Authority, announced that Global Telecom paid the second due amount of US$82.3 million, in accordance with an agreement signed last June between both parties to settle the tax dispute of the company and its subsidiaries.   The agreement signed last June stated that Global Telecom and its subsidiaries pay due tax of December 31, 2018 with a total amount $136 million, in two installments. The first amount US$ 53.7 million paid in June 2019, and the second, $82.3 million, paid on Monday 9th of September 2019.  Mr. Hussien said that this agreement comes as an important step taken by the Ministry of Finance representing the Egyptian Tax Authority to solve any taxing dispute amicably with the financiers. Dr. Mohamed Maait, Egyptian Minister of Finance, confirmed the vital role of the Ministry of Finance is to solve taxing disputes in a subtle way suitable to all parties which consequently will protect the national treasury. The Egyptian Tax Authority president thanked representatives from Ministry of Finance and Egyptian Tax Authority for their efforts in finalizing this agreement.
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