Egyptian Tax Loophole To Be Closed
Brokers reports from Cairo said on 25 January that the Cabinet is actively consideringshutting off an exemption whereby bank income from Treasury-bills is treated as 100%exempt from tax. This has made T-bills a particularly attractive investment for Egyptianbanks, which borrow specifically to invest in the paper. The elimination of the exemption,if enacted, will impact negatively on banks' earning. A second effect of the...