Egyptian Government Eyes US$66.8 Mln Annually From EGX Stamp Tax

Egypt’s government aims to raise EGP 450 million (US$66.8 million) a year from the stamp tax on the Egyptian Exchange’s daily buying and selling transactions, said the deputy finance minister Hani Qadri at a press conference held on Tuesday.

Qadri further stated that the Egyptian government will apply the new tax on the EGX immediately after the Shura Council (Upper House) ratifies the draft law’s provisions.

The Egyptian government announced on Monday that its amended economic program targets imposing a stamp tax at 0.001on the EGX’s daily selling and buying transactions.

Egypt will send a new economic plan needed to secure a lifeline from the International Monetary Fund to parliament within two days after releasing a summary that makes no mention of cutting subsidies and other politically-sensitive measures.

Cairo is trying to secure a $4.8 billion IMF loan to shore up its finances as the economy faces a deep crisis rooted in two years of political turmoil that have drained foreign currency reserves to a critical level.