Egypt to cancel target increase in stock exchange duty

Egypt’s Finance Ministry has drafted a law cancelling a target rise in a tax on stock exchange transactions, keeping it at 1.5 pounds per 1,000, the ministry said on Tuesday.

The increase to 1.75 pounds 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 1.25 pounds per 1,000 in June 2017, with the current law stating that it will gradually rise to 1.5 pounds in the second year and 1.75 pounds in the third.

Source: Ahram online