Over 200 cultural events planned across Egypt to mark June 30 Anniversary    Health Minister discusses cooperation with UN Office on Crime, Drugs    Annual conference of Institute of National Planning concludes with key recommendations    CIB signs MoU with SAS Institute to enhance university students' skills, experience    Banque Misr launches third edition of Teqdar programme to support entrepreneurs, startups    Egypt, Yemen reaffirm strategic ties, stress Red Sea security concerns    264 days of targeting civilians in Gaza by Israeli aircraft    China's carbon market sees price increase on Wednesday    Big 5 Construct showcases Egypt's infrastructure transformation    Taiwan's ASE Technology to expands chip packaging in US, Mexico    European stocks surge amid ECB rate cut speculation    Australia's CPI rises by 4.0% in May    EU supports € 650b plan for cities to achieve net zero by '30    Sweilem leads Egyptian delegation to South Sudan for high-level talks, project launches    Somalia faces dire humanitarian crisis amidst Al-Shabaab threat, UN warns    Joyaux collaborates with IGI to certify luxury jewellery    Sharm El-Sheikh International Hospital leads in medical tourism revenues for 2023/2024    Egypt, South Sudan strengthen water cooperation    33 family tombs unearthed in Aswan reveal secrets of Late Period, Greco-Roman eras    First NBA Basketball school in Africa to launch in Egypt    Central Agency for Reconstruction develops Fustat Hills Park in Cairo    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt govt-OCI war of words continues on tax evasion dispute
Egypt's Orascom Construction Industries fires another volley at tax authority over evasion charges
Ahram Online Published in Ahram Online on 10 - 03 - 2013

Egypt's largest listed construction company, Orascom Construction Industries (OCI), remained stagnant during early trading Sunday despite the market benchmark EGX30 rising 0.5 percent.
OCI is continuing a war of words against the Egyptian Tax Authority (ETA) on alleged LE14 billion (roughly $2 billion) tax evasion. The latter stated Thursday that it had in its possession documents proving that OCI should pay taxes on its earlier sale to Lafarge.
For its part, OCI stated Friday that ETA's claims that the sale of OBMH (OCI's subsidiary) to Lafarge SA occurred prior to the listing date of OBMH in the Egyptian stock exchange are false, saying that the sale occurred two months after the company was listed.
At the time of the deal, Egyptian law exempted stock market transactions from taxation.
OCI added that the company and its affiliates presented their annual tax returns on the legally set dates and has provided supporting evidence to the ETA for the period 2007-2010.
“In light of that fact, the company fails to understand how the ETA never brought to its attention an alleged tax claim on the transaction. Furthermore, the company fails to understand how the ETA can simply blame the delay in submitting the tax claim on 'errors in examination' by former tax officials,” OCI stated.
On Thursday, Egypt's prosecutor-general, Talaat Ibrahim, ordered the formation of a technical committee tasked with looking into the tax dispute between OCI and ETA that resulted in a travel ban on OCI chairman and CEO Nassef Sawiris, and his father, former company chairman Onsi Sawiris.

Clic here to read the story from its source.