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Wednesday, 03 June 2020

Egyptian Stock Exchange catalyst package to be submitted to parliament soon: Minister

The package of measures aims to boost both local and foreign investment in Egypt’s economy

Doaa A.Moneim , Wednesday 18 Mar 2020
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Egypt’s Minister of Finance Mohamed Maait has said that a Stock Exchange catalyst package that the prime minister announced Tuesday will be submitted to parliament soon for approval.

In a statement released Wednesday, Maait said that the ministry is ready to stimulate domestic and foreign investment in Egypt’s financial market.

Maait also revealed that the investment minister’s decree No 231 for 2008, which sets brokerage commissions, financial market listing fees, and fees of bourse operations, will be amended, reducing those fees by 17 percent.

The statement noted that the economic cluster in the Egyptian cabinet had agreed, also, on amending the investment minister's decree No 27 for 2016, which controls fees introduced by Misr for Central Clearing, Depository & Registry Company, decreasing those fees by 20 percent with maximum of EGP 5,000, or equivalent in hard currency.

It also approved amendments to the prime minister’s decree No 2339 for 2019, which controls traders protection from non-commercial risks of trading, reducing subscription fees by 50 percent, to five per 100,000 of the trading worth.

Maait pointed out that the ministry was eager to open channels of dialogue with all concerned parties in the domestic market for the sake of bolstering investments in the stock exchange to enhance Egypt’s economy, taking in consideration recommendations submitted by the Egyptian Capital Market Association (ECMA) as the professional body that represents operating enterprises in the domestic market.

Egypt’s cabinet has approved a package to boost Egypt’s Stock Exchange, including reducing the stamp tax for foreign investors from EGP 1.5 to EGP 1.25 per EGP 1,000, until the implementation of a capital gains tax starting 2022.

It has also exempted immediate stock transactions from any stamp tax, to boost trading, and exempted foreign investors from the capital gains tax, postponing their implementation for local investors to January 2022.  

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