Egypt's Tax Authority to open USD account for tax collection

Ahram Online , Tuesday 4 Apr 2023

The Egyptian Tax Authority (ETA) has announced plans to open a USD banking account in order to facilitate the collection of taxes from foreign companies in US dollars, ETA Head Mokhtar Tawfik announced on Tuesday.

ETA
The Egyptian Tax Authority (ETA) building. Ahram

 

The move aims to provide US dollar liquidity in the local market amid the exodus of $25 billion in hot money since March 2022 and the US dollar shortage in the local market.

Since March 2022, the Egyptian pound has lost over 70 percent of its value against the US dollar in response to three devaluations.

The announcement comes alongside a deadline for taxpayers to register for the e-invoice system by 30 April, which is mandatory for companies to deal with government agencies and sectors, Tawfik explained.

Additionally, a proposal is being prepared to set a guideline price for the US dollar to avoid differences in the greenback prices in the spot and parallel markets.

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