Stamp duty on EGX transactions applied next week: Official

CAIRO – 10 June 2017: The stamp duty will likely be applied during transactions of the Egyptian Exchange (EGX) next week, a high-profile official from the Ministry of Finance told Egypt Today.

The stamp duty’s draft law awaits ratification by President Abdel Fatah al-Sisi and will then be published in the official gazette a day before being applied, the official said.

The estimated revenues of the stamp duty will total LE 1 billion ($55.5 million) during the 2017/2018 fiscal year, he said.

A tax worth LE 3 per 1,000 will be levied for EGX transactions that exceed 33 percent of a company’s shares, Deputy Minister of Finance Amr el-Monayer told Egypt Today.

However, he added, a tax of LE 1.25 per 1,000 will be applied if the transactions register 10 percent of the total shares, on condition that they not hit 33 percent within two years.