The government denies taxes on Egyptian deposits at banks

The Media Center of the Council of Ministers denied the dissemination of pages about social networks of news that the government imposed taxes on Egyptian money deposits in banks or interest on vans and savings bonds in the banking system.

The Center said it had contacted the Ministry of Finance, which completely denied the news, claiming that it was not the intention at all or investigating the taxation of Egyptian bank deposits, or interest earned by vans and savings certificates in the banking system, stating that the Central Bank of Egypt Guarantees bank deposits & # 39; s, which amount to more than 3.5 trillion pounds.

The ministry said that this issue was not discussed at any time between the Ministry of Finance and the Central Bank of Egypt, and stressed that it is not the intention to impose new taxes during the current tax year 2018 – 2019, and claims that the goal of increasing tax revenues will be to activate anti – tax evasion, increase the tax base, combat tax evasion and increase the efficiency of collection, not by imposing new taxes, as mentioned.

Deposits from Egyptians in banks – including government deposits – increased by £ 11 billion to £ 3,536 trillion by the end of May 2018, compared with £ 3,525 trillion – the trillion equals 1,000 billion – against end of April 2018.

The ministry also pointed out that the state implements a plan to move towards the future, aimed at increasing economic growth to more than 7%, increasing employment, placing Egypt in an international position and has taken many measures to expand the banking system. Savings in the banking system due to exemption from tax revenues, which is one of the main goals of the government's financial policy to increase the level of interaction of citizens with banks and to benefit from banking services in order to reduce the monetary interaction with society, that entails a lot of risks.

Ultimately, the ministry called on all media to investigate the facts and to communicate with the relevant authorities in the ministry to ascertain the facts before publishing information that is not based on facts, and leads to confusion of public opinion. , anger of the citizens and a negative impact on the Egyptian economy and the banking sector.

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