Egypt official expects stock market stamp duty next month – Reuters

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May 15 Egypt expects to apply a stamp
duty on stock exchange transactions from early next month, Amr
al-Munir, deputy finance minister for fiscal policies, told
Reuters.

The House of Representatives’ Budget Committee approved a
draft law submitted by the government that would impose stamp
duty on stock exchange transactions, to be paid by buyers and
sellers.

The duty has been set at 1.25 Egyptian pounds per 1,000 for
the first year of the tax’s introduction, rising to 1.5 pounds
in the second year and 1.75 in the third.

The measure, approved by the cabinet in March and originally
expected to come into effect this month, must still be approved
by parliament.

More than 270 companies are listed on the Egyptian stock
exchange and more than 500,000 investors are registered to trade
there.
(Reporting by Ahmad Elhamy; Writing by Giles Elgood; Editing by
Catherine Evans)