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Wednesday, 23 October 2019

Egypt to cancel planned rise in stock exchange duty

Ahram Online , Tuesday 7 May 2019
Egypt
Egypt's stock exchange (Reuters)
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Egypt's finance ministry has drafted a law cancelling a planned increase in a tax on stock exchange transactions, keeping it at EGP 1.5 per 1,000, the ministry said on Tuesday.

The increase to EGP 1.75 per 1,000 was due to take effect on 1 June.

The proposed changes are meant to "reduce the financial burden on stock exchange traders and support the activity of the Egyptian stock exchange," the ministry said in a statement.

The amendments will be submitted to the cabinet during its meeting on Wednesday.

Egypt introduced a stamp duty of EGP 1.25 per 1,000 in June 2017, with the current law stating that it will gradually rise to EGP 1.5 in the second year and EGP 1.75 in the third.

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