Capital markets stamp tax to go into effect the first week of June

The stamp tax on capital market transactions is expected to be implemented in the first week of June, Vice Minister of Finance Amr El Monayer told Reuters’ Arabic service. El Monayer says Misr for Central Clearing, Depository and Registry will be responsible for collecting the tax. The House of Representatives approved the levy on Monday and it awaits approval by the president and publication in the Official Gazette before coming into force. Reuters says the tax is expected to generate EGP 1-1.5 bn in FY 2017-18; the news agency has the key facts about the stamp duty here.