Nasr orders full report on stamp tax, including alternatives: Investment and International Cooperation Minister Nasr ordered a “full report” on the effects and alternatives to imposing a stamp tax on stock market transactions to ensure the market and the government’s reform program are not harmed, at a meeting with Egyptian Financial Supervisory Authority head Sherif Samy on Thursday. Samy tells Al Mal that a decision on the tax must be taken as soon as possible. The proposed stamp tax, which the Tax Authority had suggested last week would be “ideal” at 0.175%, is expected to be submitted to the cabinet’s economic group for discussion within days. Finance Ministry Amr El Garhy had said that the tax could be increased gradually, but gave no details on the increase. Nasr also discussed protecting minority shareholders at a meeting with EGX Chairman Mohamed Omran, according to a ministry statement. Nasr and Omran looked into the upcoming amendments planned for the Capital Market’s Law, which could entail changes to how private placements are regulated, the issuance of sukuks and give the EGX flexibility to set lower listing fees to attract smaller companies to the bourse.

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