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Tuesday, 30 May 2017

House approves capital markets stamp tax, law criminalizing cheating in plenary session vote

House approves capital markets stamp tax and a law criminalizing cheating: The House of Representatives approved changes to the income tax law in a plenary session vote on Monday that will impose a 0.125% stamp tax on the buy- and sell-sides of capital markets transactions, Al Borsa says. The duty, which replaces the suspended capital gains tax, will rise in steps to 0.175% by its third year in effect. The measure still needs to be ratified by the presidency and published in the Official Gazette before it comes into effect, probably within days, as Vice Minister of Finance Amr El Monayer had previously said that tax would be enforced in late May or early June.

The House also voted to approve a bill that sets strict punishments and high fines for cheating on high school exams,Ahram Gate says. The law will see teachers and administrators found to have leaked exams face from 2-7 years in prison and pay fines of EGP 100-200k, while students caught cheating will face a year in prison and fines of EGP 5-10k.

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