EXCLUSIVE: FRA looking to marginally lower regulatory fees on stock market trades as stamp tax increases next fiscal year
EXCLUSIVE- FRA looking to marginally lower regulatory fees on stock market trades as stamp tax increases next fiscal year: A Financial Regulatory Authority (FRA) committee has approved in principle lowering fees on stock market transactions, sources from the committee told Enterprise. The FRA’s consultative committee, which helps set policy for FRA, wants to lower fees to 0.04% from a present 0.05%. We’re told the change, if implemented, would aim to curb some of the burden imposed by annual rises in the stamp tax on EGX trades,which is set to rise to 0.15% on 1 July 2018 from 0.125% today. Proceeds from the regulatory fee are typically used to fund the operations of the FRA, the EGX and Misr Central Clearing, Depository and Registry (MCDR) as well as the investor bailout fund. A portion of the fee will no longer follow into the bailout fund, which we’re told has grown to EGP 2.5 bn.