Report: Tax havens cost Egypt’s treasury billions

From Madamsr.com:

“Egypt loses as much as LE5 billion [TJN: that’s over $650 million; there’s also a reference to $2.2 billion in annual trade mispricing] a year in tax revenue due to companies using tax havens to shield profits from taxes, according to a new report from the Egyptian Initiative for Personal Rights (EIPR).

The practice also distorts figures for Foreign Direct Investment and allows companies to make investments in Egypt without disclosing ownership details, says EIPR researcher Osama Diab.”

This is just the latest of many reports that has been produced with the support of the Illicit Financial Journalism Programme, which we’re proud to be part of.