Shalakany, a leading law firm, is thrilled to announce a significant triumph in securing a favorable tax decision worth approximately EGP 36 million for a prominent Non-Banking Financial Services (NBFS) group of companies. This achievement follows extensive efforts by Shalakany’s legal team and marks a pivotal moment in tax law and international treaties in Egypt.
Shalakany’s success revolves around their representation of a European parent company, which sought relief from capital gains tax incurred from the sale of shares in NBFS entities within Egypt. The law firm, well-versed in international tax regulations, submitted an application to the International Treaties Department of the Egyptian Tax Authority, invoking a double taxation treaty that was in force.
Omar Sherif, the lead partner overseeing both the transactional and tax aspects of the case, expressed his satisfaction with this achievement, stating, “We are delighted to have obtained a favorable decision from the Egyptian Tax Authority, especially in these challenging times. This complex transaction, with its intricate tax implications, has spanned over two years, and we are proud to have secured a highly favorable outcome for our client
This milestone success not only highlights Shalakany’s legal prowess but also underscores their commitment to protecting the interests of their clients, even in the most intricate and time-consuming cases. It sets a precedent for similar tax disputes and reinforces the importance of understanding and leveraging international tax treaties in Egypt’s evolving financial landscape.