On Wednesday, 24th of
October 2018, Banque Misr (BM) signed a cooperation protocol with Egypt’s
Ministry of Finance for settling EGP 2 billion for the bank from the ministry.
Both Dr. Mohamed Maait, The Minister of Finance and Mr. Mohamed El Etreby, Chairman
of Banque Misr signed the protocol that aims at ending the tax disputes,
coordinating between the two parties for establishing a legal framework and
putting a specific implementation mechanism in order to settle the amounts owed
to the bank to protect the rights of the two parties.
Banque Misr is entitled to
up to EGP 2 billion from the Ministry of Finance as a result of tax differences
since 1993. The Ministry has responded positively to Banque Misr's efforts to
settle these differences in addition to its revenues. The EGP 2 billion are taxes taken from the
return of bonds issued by the Ministry of Finance concerning supply commodities
for the years 1993 to 1997.
The signing of the protocol
comes within the framework of BM belief in the keenness of the Ministry of
Finance and its appreciation to the Bank as one of the pillars in supporting
the national economy. The Ministry undertakes its duty to protect the rights of
financiers and public treasury in the legal framework.