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Egypt’s Shura Council agrees on new stamp tax - Daily News Egypt

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Egypt’s Shura Council agrees on new stamp tax

Al-Nour Party accuses government and Muslim Brotherhood of scaring away investors as a result of country’s new stock market tax


The new 0.001% stamp tax will be borne by both buyers and sellers, and will take effect on all sales and purchases of financial securities sold in Egypt (AFP Photo)
The new 0.001% stamp tax will be borne by both buyers and sellers, and will take effect on all sales and purchases of financial securities sold in Egypt
(AFP Photo)

By: Ibrahim Al-Masry

Egypt’s Shura Council recently agreed to amend clauses to Egypt’s stamp tax Law 104 passed in 2012, a rewritten version of the country’s Law 111 passed in 1980.

Tariq Sahari, the Shura Council member representing the Al-Nour party, publically opposed Clause 83 of the law, which would impose a new 0.001% stamp tax, a tax that will be borne by both buyers and sellers, to take effect on all sales and purchases of financial securities sold in Egypt.

Sahari asked during a recent Shura Council session: “How many investors will leave Egypt as a result of this new tax?” Salah Abd Al-Ma’boud, a Shura Council member from Egypt’s Al-Nour Party, replied that: “This new clause will drive away investors, and I sincerely hope that the Council does not pass this new amendment.”

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https://www.dailynewsegypt.com/2013/04/13/egypts-shura-council-agrees-on-new-stamp-tax/
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