
As we approach the corporate income tax filing season
for the year 2024, the Minister of Finance has issued Decision No.
34 of 2024 concerning the treatment of foreign exchange
gains/losses when determining taxable income for the 2023 fiscal
year. This decision addresses fluctuations arising from changes in
foreign exchange rates from non-Egyptian banks, particularly
affecting entities engaged in foreign currency transactions such as
import and export activities.
For the taxation of individuals' income for the year 2023,
the calculation of taxable profits/losses now considers the
fluctuation rates resulting from managing foreign exchange
differences, as opposed to the rates published by the Egyptian
Central Bank.