ECMA wants to scrap (or at least amend) the stamp tax: The Egyptian Capital Markets Association (ECMA) has submitted a request to the Finance Ministry to cancel the stamp tax, saying the levy imposes an extra burden on stocks traders and generates unsatisfactory tax revenue, ECMA head Mohamed Maher tells Al Mal. The association is also open to introducing amendments to the tax instead, and has presented a proposal for the potential amendments to the ministry before a scheduled increase in May.

Background: The stamp tax came into effect in 2017 with a 0.125% levy, which will rise to 0.175% this year. The levy earned the government EGP 700 mn in revenues from main market transactions excluding OTC trades in its first year. Sources told Al Mal that the total revenues from the tax reached EGP 1.5 bn since it was instated.

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