CBE to Release EGP 65 Billion for Taxpayer Defaulters

An official source at the Central Bank of Egypt (CBE) revealed on Saturday that 126,000 taxpayers will benefit from lifting inhibition on bank accounts, releasing more than EGP 65 billion.

This came after Egyptian Finance Minister Mohamed Maait offered an initiative to raise tax seizure during yesterday's Economic Ministerial Committee, headed by Prime Minister Moustafa Madbouly.

The source said that the number of taxpayer included in the initiative amounts to about 126 thousand, including inpiduals, companies and institutions, noting that the central bank will address the banks to notify clients of the new advantage, which will drop fines and interest delays.

The source added that the payment of 1% of the value of the sums owed to the banks is a key condition to raise the seizure of the taxpayers’ money evading the payment of tax dues.

The meeting discussed the mechanisms for implementing the directives of President Abdel Fattah El-Sisi by looking at Maait’s proposals to coordinate with banks, through the central bank, in order to negotiate with clients, who are subject to tax seizures “levying”.

CBE Launched several initiative during pandemic

The CBE had launched recently several initiatives to support the Egyptian economy in the face of the consequences of the coronavirus, including ones to support firms working in the industrial private sector, the agricultural field with a value of EGP 100 billion and a rate of return of 8%.

The Central Bank also provided a EGP 50 billion real estate financing initiative for middle income citizens at the rate of 8%,

It also postponed loan repayments for inpiduals and companies for a period of 6 months without extra fees, and other initiatives to drop the debts of defaulters from inpiduals and factories while raising their names from blacklists, as well as other various means to support the tourism sector.