{"id":555977,"date":"2021-10-05T04:00:37","date_gmt":"2021-10-05T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/capital-gains-tax-wont-put-brakes-on-state-ipo-train-tawfik\/"},"modified":"2021-10-05T04:00:37","modified_gmt":"2021-10-05T04:00:37","slug":"capital-gains-tax-wont-put-brakes-on-state-ipo-train-tawfik","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/capital-gains-tax-wont-put-brakes-on-state-ipo-train-tawfik\/","title":{"rendered":"Capital gains tax won\u2019t put brakes on state IPO train -Tawfik"},"content":{"rendered":"

<\/a> The state privatization program won\u2019t be affected by the introduction of a <\/strong>capital gains tax on the EGX<\/strong>, Public Enterprise Minister Hisham Tawfik told CNBC Arabia<\/a>. From January 2022, local investors will be required to pay a 10% capital gains tax<\/a> on EGX transactions, a move that many in the finance industry argue will hit EGX trading volumes and weigh on new offerings on the exchange.<\/p>\n

No time to tax?<\/strong> Tawfik downplayed the potential negative impact of the tax on the privatization program while conceding that \u201cthere is never an appropriate time to impose taxes.\u201d The minister said that the EGX is currently in a relatively strong position, having seen major fluctuations in trading volumes over the past two years. The entry of new players will strengthen the bourse, which he said has largely struggled as the result of a lack of new offerings.<\/p>\n

But no more delays:<\/strong> The government\u2019s privatization program has seen multiple delays due to poor market conditions, and has produced just a single secondary sale by Eastern Company since launching in 2018.<\/p>\n

This comes as five state-owned companies are preparing to list on the Egyptian bourse<\/strong>, which according to Tawfik should make their debuts by the end of the fiscal year in June 2022. There are also offerings in the pipeline for several large government-owned firms beyond that date, he said. First up is <\/strong>E-Finance<\/a><\/strong>, which is currently in the middle of book-building and is due to kick off the retail portion of its IPO later this week.<\/p>\n

The finance industry has pushed back on the introduction of the tax<\/strong>, warning that the timing is unwise given that the EGX is still recovering from the impact of the pandemic. Head of industry lobby group the Egyptian Capital Market Association (ECMA) Mohamed Maher warned last month that the tax is being introduced at an inappropriate time while a small group of MPs plan to relitigate the policy in parliament over the coming weeks, claiming that trading volumes could drop precipitously if it goes ahead.<\/p>\n

The tax was the securities industry\u2019s idea in the first place<\/strong>, Tawfik said. The capital gains tax is being implemented at the suggestion of experts and traders on the EGX, Tawfik claimed, saying that ECMA had put forward the idea as a fairer alternative to stamp duty. He said that for traders, the 10% tax on net earnings would be fairer than a flat fee stamp tax that must be paid regardless of whether securities post gains or losses.<\/p>\n

Though some prefer the idea of a flat tax: <\/strong>Among a small group of MPs who last week said they would draft legislation aiming to postpone the introduction of the tax for another year, some members had proposed that the government instead levy a development fee or stamp tax on market transactions. They have yet to make clear how their alternative taxes would be more palatable to local investors than what Maait is pushing through.<\/p>\n

The EGX has hardly outperformed since Finance Minister Mohamed Maait announced its reintroduction on 22 September<\/strong>, falling around 1.6% over the past two weeks leaving it down 3.9% YTD. But the tax is not solely to blame for the dip: It\u2019s likely that both retail investors and domestic institutions are liquidating positions<\/a> so they have capital to sink intoE-Finance\u2019s IPO<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The state privatization program won\u2019t be affected by the introduction of a capital gains tax on the EGX, Public Enterprise Minister Hisham Tawfik told CNBC Arabia. From January 2022, local investors will be required to pay a 10% capital gains tax on EGX transactions, a move that many in the finance industry argue will hit […]<\/p>\n","protected":false},"author":1,"featured_media":555978,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7303],"tags":[102,339,72,3295,79,587,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-e-finance","tag-enterpriseam","tag-hesham-tawfik","tag-public-enterprises-ministry","tag-state-privatization-program","tag-tax","wpautop","entry"],"acf":{"mongo_id":"b90b5254-2ce1-47f0-b1a9-f1082077ef28","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/62.jpg","photo_position":"above","related_issue":[555965],"teaser":"","voice_url":""},"yoast_head":"\nCapital gains tax won\u2019t put brakes on state IPO train -Tawfik - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/capital-gains-tax-wont-put-brakes-on-state-ipo-train-tawfik\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital gains tax won\u2019t put brakes on state IPO train -Tawfik\" \/>\n<meta property=\"og:description\" content=\"The state privatization program won\u2019t be affected by the introduction of a capital gains tax on the EGX, Public Enterprise Minister Hisham Tawfik told CNBC Arabia. 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IPO in 2022?","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Misr Life Ins. won\u2019t be ready for its EGX debut as part of the state privatization program before the end of 2021, Public Enterprises Minister Hisham Tawfik tells Al Mal. The company is set to sell 25% of its shares after the government committee managing the privatization program gave its\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598741,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/abu-qir-to-sell-stake-after-eid-as-part-of-egypts-privatization-program\/","url_meta":{"origin":555977,"position":2},"title":"Abu Qir to sell stake after Eid as part of Egypt\u2019s privatization program","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"Abu Qir stake sale to take place after Eid El Fitr: The government could sell as much as 20% of Abu Qir Fertilizers via an accelerated book build on the EGX shortly after the Eid El Fitr break, Al Mal reports, citing unnamed sources. The final decision of the exact\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554326,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/ipos-in-2021-four-is-more-than-zero\/","url_meta":{"origin":555977,"position":3},"title":"IPOs in 2021: Four is more than zero","author":"enterpriseam admin","date":"29 December 2021","format":false,"excerpt":"In keeping with the overall theme of the year, 2021 was the year of a hobbled recovery for Egypt\u2019s IPO pipeline. Although we\u2019re ending the year with fewer IPOs and stake sales having gone to market than had been slated, four equity capital market transactions are more than zero.The four\u2026","rel":"","context":"In "YEAR IN REVIEW: CAPITAL MARKETS"","block_context":{"text":"YEAR IN REVIEW: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-capital-markets-3\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597718,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/tawfik-hhd-to-ipo-in-4q2019-or-seek-help-from-strategic-investors\/","url_meta":{"origin":555977,"position":4},"title":"Tawfik: HHD to IPO in 4Q2019 or seek help from strategic investors","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"IPO WATCH- Stake in Heliopolis Housing could be sold to a strategic investor: The Public Enterprises Ministry is working with the government\u2019s IPO committee to decide the fate of Heliopolis Company for Housing and Development (HHD) after it was dropped from the lineup of companies in the first wave of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573797,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/could-we-be-getting-more-clarity-on-the-fate-of-egypts-state-privatization-program-this-month\/","url_meta":{"origin":555977,"position":5},"title":"Could we be getting more clarity on the fate of Egypt\u2019s state privatization program this month?","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"PRIVATIZATION WATCH- Could we be getting more clarity on the fate of the state privatization program this month? Finance industry lobby group ECMA is planning to discuss the state privatization program with Public Enterprises Minister Hisham Tawfik before the end of the month, ECMA Chairman Mohamed Maher told Al Mal.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555977"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555977\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555978"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555977"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555977"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}