The Ministry of Finance (MoF) met with representatives from the Federation of Egyptian Banks (FEB) and the head of the Tax Authority to discuss implementing the amendments to the Income Tax Law, according to a press release issued by the MoF. Vice Minister Ahmed Kouchouk said the amendments will come into play as soon as they are ratified by the President. According to the Tax Authority Head, Abdelazim Hussein, the banks have agreed to submit their proposal on how the tax would be applied to the MoF, backed by a study that shows the potential effect on banks’ financials to be studied by the Ministry and discussed in another meeting next week with the FEB to agree on the final calculation for the tax