Finance Minister to sign off on agreement exempting LCs from stamp tax

Finance Minister Amr El Garhy is reportedly days aways from signing off on an agreement that would exempt banks from paying a stamp tax on letters of credit that are being newly-issued or are up for renewal. The Federation of Egyptian Banks (FEB), headed by CIB Chairman Hisham Ezz Al Arab, has been pushing to bring the 2016 agreement with the Tax Authority into effect, sources close to the matter tell Al Mal.