Stamp tax could be increased gradually -El Garhy

A stamp tax on EGX trades could start at 0.175% on each of the buyer and seller and gradually rise from there, Finance Minister Amr El Garhy told Bloomberg. El Garhy gave no details on the increase, but said the proposal, while yet to be finalised, could be submitted to the cabinet for discussion as early as next week. Al Borsa says, however, that El Garhy has actually proposed an initial tax of 0.125% that would gradually increase to 0.175% over three years.