Egypt Mulls Tax on Bourse Profit, Dividends – Reuters

By Yomna Yasser On May 28, 2014

Egypt may impose a tax on profit and cash dividends from the stock market transactions since the country is facing several economic challenges, said an official source from the government on Wednesday.

The source spoke to Reuters on condition of anonymity.

The Ministry of Finance has been discussing such a tax with the Egyptian Financial Supervisory Authority (EFSA) and the Egyptian Exchange (EGX), the source added. The three parties aim to study the impact of this tax on the market performance alongside to determine its value.

In May 2013, the government imposed a stamp tax on EGX which was to be paid by both the buyer and the seller.

Sherif Samy, Chairman of market regulator EFSA, declined to comment in a phone call with Reuters. The Finance Minister was not available to comment.