Egypt to introduce stamp duty in May, targets 1-1.5 bln pounds in revenues

Mon Mar 20, 2017 9:21am GMT

CAIRO, March 20 (Reuters) - Egypt's new stamp duty on stock exchange transactions will come into effect in May and include for the first time a 0.3 percent levy for investors acquiring more than a third of a company's stocks, deputy finance minister Amr al-Munayer said.

The finance ministry is targeting revenues of 1-1.5 billion Egyptian pounds ($54.8 million-$82.2 million) in the first year of the new tax, he told Reuters. The duty will also be applied to purchases of treasury bills and bonds, he said. ($1 = 18.25 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Lin Noueihed; Editing by Dominic Evans)

Powered by Reuters AlertNet. AlertNet provides news, images and insight from the world's disasters and conflicts and is brought to you by Reuters Foundation.