Finance Ministry issues new regulations on dual taxation of yields on treasury bonds and bills
The Finance Ministry issued Thursday a decision that allows non-residents to pay taxes on yields from Egyptian treasury bonds and bills at the rate stipulated by a dual taxation agreement with their country of residence, according to a Cabinet statement. The regulations will allow these investors to claim rebates on the taxes they have paid on Egyptian treasuries if the dual taxation agreement sets a lower rate, or file for complete exemption where applicable. Under the regulations, Egypt’s Tax Authority will be required to complete the tax remittance process within 30 days of the investor filing the necessary documents. The decision came into effect yesterday.
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