Cairo — Orascom Construction Industries (OCI) responded Oct. 8 to an announcement by the new government of Egypt that it is reviewing the financial situation of major companies in the country. In addition, new Egyptian President Mohamed Morsy was quoted by the Egyptian press as referring to company tax evasion, and reportedly mentioned OCI. In a statement, OCI said it and its affiliates present their annual tax returns and pay their dues on the legally set dates. It noted that in accordance with current law, all capital gains resulting from the sale of shares listed on the Egyptian Stock Exchange are tax exempt. “Since the disposal of an affiliated company’s shares were listed on the EGX in 2007, and as per the laws and regulations governing the EGX, the company asserts that there are no capital gains taxes due,” said OCI. “The company does not expect the retroactive application of the law in the event of a change in the relevant tax law in light of the recent statement made by the Egyptian Prime Minister Hesham Qandil.”
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