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English news

12-Jun-2019

Parliament’s Planning and Budget Committee delays stamp tax decision

The House of Representative’s Planning and Budget Committee postponed a decision on amendments that would leave the stamp tax on EGX transactions unchanged at 0.15% in FY19/20, Al Shorouk reported. The committee said that it did not have enough information to make a decision and that it required more time to collect EGX data. The stamp tax on stock market transactions was scheduled to increase to 0.175% on 1 June, but the Finance Ministry called it off last month in a move designed to ease the financial burden on traders. The Finance Ministry introduced the tax at 0.125% in 2017 and planned to increase it annually over a three-year period.