Shalakany secures favorable tax decision worth approximately EGP 36 million
Shalakany is delighted to announce the successful representation of a leading NBFS group of companies in obtaining a favorable tax decision from the International Treaties Department at the Egyptian Tax Authority. Shalakany submitted an application to the International Treaties Department requesting an exemption from payment of capital gains tax resulting from the sale of shares in NBFS entities in Egypt by a European parent company, in reliance on a double taxation treaty in force. Following months of negotiations with the Tax Authority, Shalakany are pleased to have obtained a landmark decision exempting the Client from all capital gains tax due in Egypt for the sale of shares, which amounted to approximately EGP 36 million.
Omar Sherif, the lead partner on both the transactional and tax sides, said: “We are very pleased to have obtained a favorable decision from the Egyptian Tax Authority, particularly during these challenging times. The transaction and its tax implications have been ongoing for over two years, and we are very happy to have secured a favorable outcome for the Client.
