{"id":557117,"date":"2021-09-07T04:00:15","date_gmt":"2021-09-07T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/"},"modified":"2021-09-07T04:00:15","modified_gmt":"2021-09-07T04:00:15","slug":"the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/","title":{"rendered":"The EGX capital gains tax won\u2019t be making its comeback in January 2022"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Investors are not yet facing new taxes on stock market transactions<\/strong>, <a href=\"https:\/\/www.mof.gov.eg\/ar\/posts\/media\/6135d0d078345e000acd83a4\/%D9%88%D8%B2%D9%8A%D8%B1%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%3A%20%D9%84%D9%85%20%D9%86%D9%81%D8%B1%D8%B6%20%D8%A3%D9%8A%20%D8%B6%D8%B1%D8%A7%D8%A6%D8%A8%20%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9%20%D8%B9%D9%84%D9%89%20%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9%20%D9%88%D9%84%D8%A7%20%D9%8A%D9%88%D8%AC%D8%AF%20%D8%A3%D9%89%20%D9%86%D9%8A%D8%A9%20%D9%84%D8%B0%D9%84%D9%83\">the Finance Ministry<\/a><sup><\/sup><a href=\"https:\/\/www.mof.gov.eg\/ar\/posts\/media\/6135d0d078345e000acd83a4\/%D9%88%D8%B2%D9%8A%D8%B1%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%3A%20%D9%84%D9%85%20%D9%86%D9%81%D8%B1%D8%B6%20%D8%A3%D9%8A%20%D8%B6%D8%B1%D8%A7%D8%A6%D8%A8%20%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9%20%D8%B9%D9%84%D9%89%20%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9%20%D9%88%D9%84%D8%A7%20%D9%8A%D9%88%D8%AC%D8%AF%20%D8%A3%D9%89%20%D9%86%D9%8A%D8%A9%20%D9%84%D8%B0%D9%84%D9%83\">said<\/a> yesterday after reports in the local press fuelled speculation that the government is planning to introduce a capital gains tax on shares at the beginning of next year.<\/p>\n<p><strong>What\u2019s the fuss about?<\/strong> <a href=\"https:\/\/www.youm7.com\/story\/2021\/9\/3\/%D8%A8%D8%AF%D8%A7%D9%8A%D8%A9-%D9%85%D9%86-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-2022-%D9%87%D8%B0%D9%87-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%B6%D8%B1%D9%8A%D8%A8%D8%A9-%D8%A7%D9%84%D8%A3%D8%B1%D8%A8%D8%A7%D8%AD-%D8%A7%D9%84%D8%B1%D8%A3%D8%B3%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%B9%D9%84%D9%89\/5448685\">Tax regulations published<\/a> by local media suggested that a 10% tax on gains made from share disposal will come into force on 1 January. The rules \u2014 which outline taxes on the selling of shares and treasury bills \u2014 will only apply to resident investors, exempting foreigners from paying the 10% tax.<\/p>\n<p><strong>But the ministry says that this isn\u2019t the case:<\/strong> The ministry denied that the circular indicated that the tax will come into force next year, saying it was issued in order to clarify pre-existing regulations.<\/p>\n<p><strong>We\u2019ve been aware since last year that the CGT could make a comeback:<\/strong> As part of a raft of measures to support investment in Egyptian equities, the government last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">postponed the reintroduction of a capital gains tax on EGX transactions<\/a> until 1 January 2022.<\/p>\n<p><strong>What happens now? <\/strong><strong>We talk about it.<\/strong> With the postponement due to expire at the end of the year, policymakers will soon restart discussions on the future of an EGX capital gains tax, <a href=\"https:\/\/bit.ly\/2WUHPDA\">local media quoted<\/a> EGX Chairman Mohamed Farid saying, explaining that officials will have to weigh the tax\u2019s impact on the market. The ministry did not address when the tax could be reintroduced.<\/p>\n<p><strong>Plans for the capital gains tax were first introduced in 2015 <\/strong>before being <a href=\"https:\/\/enterprise.press\/stories\/2017\/01\/22\/stock-market-stamp-tax-could-be-reintroduced-govt-looking-to-suspend-capital-gains-tax\/\">postponed to 2017<\/a> due to concerns over its negative impact on investments. When 2017 rolled around, the capital gains tax was <a href=\"https:\/\/enterprise.press\/stories\/2017\/03\/16\/cabinets-economic-group-approves-stamp-tax\/\">replaced<\/a> by a 0.125% stamp tax on stock market transactions and shelved for a three-year period. Then in 2019, the tax was back on the table when it was <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/28\/finmin-egyptian-bourse-are-in-serious-talks-over-amending-capital-gains-tax-framework\/\">reported<\/a> that officials were in serious talks over bringing it into effect in 2020, but the destabilizing effect of covid-19 on markets <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f075efe-7b2a-4bcd-998c-7b7cc26ff746\">pushed its implementation back<\/a> even further.<\/p>\n<p><strong>Policymakers have delayed the <\/strong><strong>tax to shore up investor confidence<\/strong>, but this has <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2015-05-24\/imf-criticizes-egypt-s-decision-to-delay-capital-gains-tax?sref=mmeFTDW1\">attracted criticism<\/a> from the IMF which said that in its absence the tax burden would disproportionately fall on poorer Egyptians.<\/p>\n<p><strong>Meanwhile, investors in real businesses continue to pay capital gains and dividend taxes <\/strong>because we, unlike retail investors in the EGX, lack a bright, shiny gauge to which we can point and complain.<\/p>\n<p><strong>OTHER CAPITAL MARKETS NEWS: <\/strong><\/p>\n<p><strong>The number of registered investors on the EGX has risen by 74% y-o-y in the first <\/strong><strong>seven months of 2021,<\/strong> EGX Chairman Mohamed Farid <a href=\"https:\/\/almalnews.com\/%D9%85%D8%AD%D9%85%D8%AF-%D9%81%D8%B1%D9%8A%D8%AF-%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%B9%D8%AF%D8%AF-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%B3%D8%AC\/\">said<\/a> yesterday. He said there were 3.3. mn registered EGX investors in the January-July period, compared with 1.9 mn in the same period last year. Farid attributed the increase to EGX ad campaigns aimed at encouraging bourse activity, as well as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/daacade6-1abc-405f-9a6e-4db398cb1dc2\">new rules<\/a> that came into effect in February allowing 16-21 year-olds to trade on Egypt\u2019s stock exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors are not yet facing new taxes on stock market transactions, the Finance Ministrysaid yesterday after reports in the local press fuelled speculation that the government is planning to introduce a capital gains tax on shares at the beginning of next year. What\u2019s the fuss about? Tax regulations published by local media suggested that a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":557118,"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":[102,72,276,272,2221,766,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-enterpriseam","tag-finance-ministry","tag-imf","tag-mohamed-farid","tag-stamp-tax","tag-tax","wpautop","entry"],"acf":{"mongo_id":"7ca14915-4bc7-487d-8cfb-2504af8c00f3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/88.jpg","photo_position":"above","related_issue":[557111],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The EGX capital gains tax won\u2019t be making its comeback in January 2022 - 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\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGX capital gains tax won\u2019t be making its comeback in January 2022\" \/>\n<meta property=\"og:description\" content=\"Investors are not yet facing new taxes on stock market transactions, the Finance Ministrysaid yesterday after reports in the local press fuelled speculation that the government is planning to introduce a capital gains tax on shares at the beginning of next year. 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What\u2019s the fuss about? Tax regulations published by local media suggested that a [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2021-09-07T04:00:15+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/88.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"The EGX capital gains tax won\u2019t be making its comeback in January 2022","datePublished":"2021-09-07T04:00:15+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/"},"wordCount":488,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/88.jpg?fit=%2C&ssl=1","keywords":["capital markets","EnterpriseAM","Finance Ministry","IMF","Mohamed Farid","stamp tax","tax"],"articleSection":["Capital markets"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/","url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/07\/the-egx-capital-gains-tax-wont-be-making-its-comeback-in-january-2022\/","name":"The EGX capital gains tax won\u2019t be making its comeback in January 2022 - 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El Monayer says Misr for Central Clearing, Depository and Registry will be responsible for collecting the tax. The House of Representatives\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":648169,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/house-approves-capital-markets-stamp-tax-law-criminalizing-cheating-in-plenary-session-vote\/","url_meta":{"origin":557117,"position":2},"title":"House approves capital markets stamp tax, law criminalizing cheating in plenary session vote","author":"enterpriseam admin","date":"30 May 2017","format":false,"excerpt":"House approves capital markets stamp tax and a law criminalizing cheating: The House of Representatives approved changes to the income tax law in a plenary session vote on Monday that will impose a 0.125% stamp tax on the buy- and sell-sides of capital markets transactions, Al Borsa says. The duty,\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":555977,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/capital-gains-tax-wont-put-brakes-on-state-ipo-train-tawfik\/","url_meta":{"origin":557117,"position":3},"title":"Capital gains tax won\u2019t put brakes on state IPO train -Tawfik","author":"enterpriseam admin","date":"5 October 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/62.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598542,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/finmin-egyptian-bourse-are-in-serious-talks-over-amending-capital-gains-tax-framework\/","url_meta":{"origin":557117,"position":4},"title":"FinMin, Egyptian bourse are in \u201cserious talks\u201d over amending capital gains tax framework","author":"enterpriseam admin","date":"28 May 2019","format":false,"excerpt":"EXCLUSIVE- FinMin, EGX are in \u201cserious talks\u201d to bring in a capital gains tax next year: The Finance Ministry and EGX are working on potential scenarios for the implementation of a capital gains tax on stock market transactions when the levy comes back into effect next year, EGX boss Mohamed\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593996,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/finmin-approves-plan-to-kill-capital-gains-tax-on-egx-trades-cut-stamp-tax-by-a-third\/","url_meta":{"origin":557117,"position":5},"title":"FinMin approves plan to kill capital gains tax on EGX trades, cut stamp tax by a third","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"FinMin approves plan to kill capital gains tax on EGX trades, cut stamp tax by a third: The Finance Ministry has \u201cpreliminarily approved\u201d proposals to scrap plans to introduce a capital gains tax on EGX trades and to slash by as much as one third the stamp tax on EGX\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557117","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=557117"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557117\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557118"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557117"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557117"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}