Upper House Will Discuss EGX Tax Impact Before Ratification; Says Official

Dr. Ahmed El Naggar, Adviser to Egypt’s Minister of Finance, stated that the proposed stamp tax on the Egyptian Exchange’s buying and selling transactions is a draft law to be presented first to Shura Council (the Upper House). The Shura Council shall first discuss the impact of imposing the tax before the endorsement, El Naggar noted.

He further added that many countries around the world apply this stamp tax on their bourses’ transactions.

The Egyptian government has announced on Monday that the amended economic reform program will include imposing  a stamp tax on daily transactions on the EGX at 1/100.

In fact, the current proposed tax is better than other tax systems that have been discussed over the past months in regard to the EGX and the IPOs on the secondary market, El Naggar explained.

“There is no need to worry, the current proposed tax is better than the other tax systems suggested during the last few months.”  He said