Egypt is considering temporarily reintroducing a stamp duty on stock market transactions after the tax was frozen in 2014, two finance ministry sources told Reuters on Thursday. Egypt imposed a stamp duty on buyers and sellers in May 2013, collecting more than 350 million Egyptian pounds in revenue before the levy was replaced in July 2014 by a 10 percent capital gains tax. The blue-chip index.EGX30 tumbled 3.4 percent by early Thursday afternoon after Reuters reported the stamp duty on stock market transactions may be restored.
Key Takeaways:
- Egypt is considering temporarily reintroducing a stamp duty on stock market transactions after the tax was frozen in 2014, two finance ministry sources told Reuters on Thursday.
- The agreement revealed that Egypt had committed to imposing either a capital gains tax or a stamp duty on stock market transactions by the 2017/18 fiscal year.
- Egypt imposed a stamp duty on buyers and sellers in May 2013, collecting more than 350 million Egyptian pounds ($18.77 million) in revenue before the levy was replaced in July 2014 by a 10 percent capital gains tax.
“The agreement revealed that Egypt had committed to imposing either a capital gains tax or a stamp duty on stock market transactions by the 2017/18 fiscal year.”
http://www.reuters.com/article/us-egypt-economy-tax-idUSKBN1531M3
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