The cabinet economic group approved yesterday the Finance Ministry’s proposed 0.125% stamp tax on stock market transactions, which will be discussed during the cabinet’s next regular meeting, Youm7 reports. The tax is expected to add EGP 1 bn in revenues to the state budget during the first year of its application, but it is difficult to estimate at this point how much it will bring in during its second year, Finance Minister Amr El Garhy told the press yesterday. The levy — which will be gradually increased to 0.175% by its third year — was proposed in place of a capital gains tax that has been temporarily shelved for the coming three years.

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