Prime Minister Sherif Ismail says Cabinet had approved stamp duty tax on EGX transactions on Wednesday. The levy will start at 0.125% for buyers and sellers, increasing to 0.15% and 0.175% in second and third year, according to Minister of Finance, Amr El-Garhy. The tax may generate EGP1bn in the first year, he said, adding that it is difficult to estimate at this point how much it would bring in during its second year. The tax, which was proposed in place of a capital gains tax that has been temporarily shelved for the coming three years, still needs Parliament approval.