Effective from 20 October 2020, Egypt has introduced new provisions allowing the conclusion of international agreements with other countries so as to enable the tax authorities to exchange tax information with these countries for the purposes of law enforcement.
Effective 9 March 2020, the Egyptian government introduced the ultimate beneficial ownership (UBO) register and disclosure requirement for all entities registered with the Egyptian Commercial Registry. The UBO Register must include the names and details (including nationality and national identification number for Egyptians or passport number for non-Egyptians) of the UBO. A UBO is a natural person who ultimately owns or controls, directly or indirectly, a company or other legal entity, or is a natural person on whose behalf a company or legal entity carries out its business activities.
The UBO register must be maintained as long as the entity is registered with the Commercial Registry and for a further period of five years after the date of cessation of the business activities. The UBO register must be updated for any change in the beneficial ownership information and the Commercial Registry must be immediately notified of the change.