Securities division at FEDCOC to present ‘comprehensive’ proposal for EGX taxes to house in month and a half: The securities division at the Federation of Egyptian Chambers of Commerce has invited capital market representatives for a meeting within 45 days with the House Economic Committee to discuss tax on stock market transactions, according to a local press report. The division agreed to prepare a comprehensive study which contains a clear proposal for taxes on the EGX that balances the costs incurred by investors and the amount of tax being collected. The House meeting would come as the Finance Ministry is close to wrapping up draft amendments that will determine whether the capital gains tax, which was shelved for three years in 2017 in favor of a provisional stamp tax, will be making a comeback.

The proposal will likely echo one floated by the Egyptian Capital Markets Association (ECMA) in December, which would see a 0.1% withholding tax imposed on transactions involving resident investors, but cap what can be collected from a single investor at 10% of their realized profits in a given year.