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Wednesday, 1 February 2017

Finance Ministry, EFSA negotiate stamp duty tax rate

A proposed stamp tax on stock market trades will be set higher than the 0.1% that was imposed temporarily in 2013, sources told Al Shorouk. The Finance Ministry is discussing the exact rate with the Egyptian Supervisory Authority (EFSA), a source at EFSA said. The stamp tax will be collected on both sides (buy and sell) of all trades. The original measure was scrapped in July 2014, but reports emerged in January that it was going to be reintroduced as part of the reforms agreed to with the IMF.

The EGX30 closed down 1.96% yesterday as investors booed the expected tax, Al Borsa reported. Only two EGX30 constituents ended the day in the green. Enterprise’s official message to day traders: We pay VAT. Income tax. A tax on dividends. You don’t even pay capital gains taxes. To quote the immortal Dennis Leary: “Life sucks. Get a helmet.” (Runtime: 1:13. Don’t play this clip if the kiddies are within earshot or if other tender ears might be offended by salty language.)

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