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Tuesday, 21 March 2017

Cabinet to implement stamp tax in 1 May

Speaking of which, the government will begin implementing the stamp tax on 1 May, Deputy Finance Minister Amr El Monayer said, adding that it will be collected on transactions in listed and non-listed stocks, bonds, and over the counter securities, as well as mergers and acquisitions, according to Reuters. El Monayer also said the stamp duty may also include for the first time a 0.3% levy for investors acquiring more than a third of a company’s shares. The ministry is targeting revenues of EGP 1-1.5 bn in the first year of the tax.

…The Finance Ministry is expecting to collect a total of EGP 433 bn in taxes in FY2017-18 and collected EGP 200 bn from income taxes and the value-added tax as of the end of February, El Monayer told Extra News in an interview on Monday (runtime 27:29).

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