IMF staff report: Egypt to impose stock market tax in May

Egyptian government is to reinstate the temporarily suspended capital gains tax for companies listed in the local stock market by May this year, an IMF staff report on Egyptian loan agreement revealed Wednesday.

The International Monetary Fund’s (IMF) staff report released Wednesday revealed and documents related to Egypt’s three-year $12 billion loan agreement.

The agreement revealed that Egypt had committed to imposing either a capital gains tax or a stamp duty on stock market transactions by the financial year 2017/18.

Egypt had previously announced plans to impose a capital gains tax in 2014 but delayed those plans following criticism.

Later, two sources in Egyptian Ministry of Finance told Reuters on Thursday that the country is considering temporarily reintroducing a stamp duty on stock market transactions after the tax was frozen in 2014.