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Reports on Directing Banks to Freeze Deposits for Real Estate Tax Baseless
Source: 8/10/2018

Vice President of Council of State and legal adviser of the Central Bank of Egypt (CBE) Tamer el Daqaq dismissed reports claiming that the banks were directed to freeze clients' deposits for the purpose of collecting real estate taxes.

Social networks circulated an unofficial document claiming that letters in this regard were issued by the CBE in which it orderd banks to freeze deposits of the clients to force them pay the recently declared real estate taxes.

“Such news is baseless,” el Daqaq stressed, saying that CBE Governor Tarek Amer and his deputy for banking supervision Gamal Negm were the only two persons authorized to issue any directions to the banks.

The circulated document was signed by unauthorized person for such directions, he said.

An investigation was launched to uncover the source of such fabricated document, he elaborated.

Finance Ministry announced Thursday extending real estate tax payment period without paying any late fees until October 15.

The ministry warned that this would be the only extension of a deadline that was set to expire on 15 August, saying fines for delays will be imposed on those who fail to meet it.

Related Categories: Accounting, Statistics  Economics/Financial Analysis  General  Insurance 

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