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Banque Misr signs a protocol with The Ministry of Finance to settle EGP 2 Billion

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.