Salafist El-Nour: EGX Stamp Tax Expels Investments

The stamp tax on the Egyptian bourse’s daily selling and buying transactions will reversely affect the country’s investment climate and will likely discourage investors who will shy away from trading, said the salafist El-Nour party senior member.

This comes after Shura Council (Egypt’s Upper House) has ratified a draft as regard to amending the stamp tax on the Egyptian Exchange (EGX).

Salah Abdel Maboud, a leading member of the Salafi Nour Party, said the stamp tax on the EGX will turn the Egyptian market less competitive and attractive than other market in the region.

It is worth noting that the El-Nour’ Upper House representatives  has abstained to vote for the EGX stamp tax draft. Abdel Maboud has referred the government’s stamp tax draft as lacking transparency.

As pursuant to the recently-approved draft, the stamp tax shall be imposed on the EGX’s daily selling and buying transactions at 0.001.