Egypt to introduce stamp duty in May, targets EGP1-1.5bn in revenues
Egypt's new stamp duty on stock exchange transactions will come into effect in May and will include for the first time a 0.3% levy for investors acquiring more than a third of a company's stocks, Deputy Finance Minister, Amr Al Munayer, said. Minister of Finance, Amr Al Garhy, said last month the government had planned to introduce a stamp duty of 0.125% on buyers and sellers of stocks, rising to 0.150% in the second year and 0.175% in the third. The duty will be applied to transactions in listed and non-listed stocks, treasury bills and bonds, and over-the-counter securities, as well as mergers and acquisitions, according to Al Munayer. The higher duty would be imposed on mergers and acquisitions, where more than 33% of a company was being sold, he added. The Ministry is targeting revenues of EGP1-1.5bn (USD54.8-82.2mn) in the first year of the new tax.
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