The Egyptian Cabinet’s economic group approved the progressive stamp duty tax draft law for stock trading, with an application of 0.125% in the first year, Minister of Finance Amr El Garhy said.
Expected tax revenues will reach EGP 1 billion, he noted after the Cabinet’s meeting on Wednesday, stating that the yield of the upcoming application phases cannot be estimated as it depends on the trading volume of the Egyptian Exchange (EGX).
El Garhy declared that the law will be discussed with the Cabinet in preparation for submitting it to Parliament for approval.