{"id":557567,"date":"2021-09-23T03:52:57","date_gmt":"2021-09-23T03:52:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/the-capital-gains-tax-is-definitely-coming-to-the-egx-on-1-jan\/"},"modified":"2021-09-23T03:52:57","modified_gmt":"2021-09-23T03:52:57","slug":"the-capital-gains-tax-is-definitely-coming-to-the-egx-on-1-jan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/the-capital-gains-tax-is-definitely-coming-to-the-egx-on-1-jan\/","title":{"rendered":"The capital gains tax is definitely coming to the EGX on 1 Jan"},"content":{"rendered":"

<\/a> The EGX capital gains tax will come into force in Jan after all:<\/strong> Finance Minister Mohamed Maait confirmed in an interview with CNBC Arabia<\/a> earlier this week that a 10% tax on the gains investors make on EGX transactions will be coming into effect on 1 January, putting an end to speculation on whether the long-planned levy would be implemented, postponed or axed come 2022.<\/p>\n

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 during the pandemic, the government last year postponed the reintroduction of a capital gains tax<\/a> on EGX transactions until 1 January 2022.<\/p>\n

But things were thrown into confusion earlier this month<\/strong> when the Finance Ministry seemed to indicate that it would not be introducing new taxes on shares. Tax regulations published by local media suggested that the 10% tax would come into force on 1 January as expected, which the ministry quickly denied, saying the regs had been issued to clarify pre-existing rules and were not an indicator of a new tax on shares.<\/p>\n

So who will be taxed, and on what basis? <\/strong>The 10% CGT will be imposed on net portfolio earnings at the end of the tax year, after deducting brokerage fees. Foreign investors in the bourse won\u2019t pay a dime<\/strong>, as the new rules apply only to people and companies residing in Egypt. The Tax Authority has said that institutional investors with portfolios exceeding EGP 5 mn will likely be required to open a tax file to pay the tax, Prime Holdings CEO and Egyptian Capital Market Association (ECMA) President Mohamed Maher told Al Arabiya<\/a>. The EGX\u2019s smaller retail investors \u2014 who account for 80% of EGX traders \u2014 won\u2019t need to do so as the tax will be deducted by Misr for Central Clearing and Depository.<\/p>\n

Wait \u2014 it\u2019s based on your portfolio gains, and not on a per-stock basis? <\/strong>That\u2019s according to a copy of the executive regulations published earlier this month by El Balad<\/a>, which says the CGT will be calculated based on the \u201cnet realized capital gains of [the investor\u2019s] portfolio of securities <\/em>as of the end of the tax year.\u201d Industry watchers were concerned earlier this month that the tax would be levied on a per-stock and not portfolio basis \u2014 an approach that flies in the face of global practice. We\u2019re reaching out to the Tax Authority for clarification on this point and will report back when we have news.<\/strong><\/p>\n

Plans to slap a tax on EGX investors have been in the works since 2015.<\/strong> They were first postponed until 2017<\/a> after retail investors howled, before being replaced<\/a> by 0.125% stamp tax as the CGT was put on hold for three years. Talks werereportedly<\/a> held in 2019 on plans to revive the CGT for 2020, before the pandemic arrived and the government postponed its reintroduction until 1 January 2022, as part of a raft of measures<\/a> to support investment in Egyptian equities.<\/p>\n

Realized gains on investments in privately held companies will still be taxed at a 20% rate<\/strong> under the regulations \u2014 a figure that we think is ridiculous and should be cut to match the 10% CGT on investments in listed companies.<\/p>\n

But is the timing right? (And will it ever be right, in the eyes of retail investors?) <\/strong>The ECMA should point out that this is not the appropriate time to introduce the capital gains tax, Maher told the newspaper, stating that the EGX is still in recovery. The benchmark EGX30 is again in the red for the year to date after briefly crawling into positive territory. Egypt\u2019s benchmark index is down 2.3% YTD, while regional competitors for global capital are all handily in the green: ADX is up 54% as of this morning, while Tadawul is ahead nearly 30% for the year and DFM has gained a comparatively anemic 14% YTD. Trading volumes have been reasonable in 2021 (by the standards of recent years), but have been dominated by retail investors (first and foremost), followed by local institutions. Foreign investors are yet to return to the EGX.<\/p>\n

The move will please the IMF, if not local investors: <\/strong>The International Monetary Fund (IMF) has been critical<\/a> about the lack of a CGT in Egypt, which it has said would leave poorer Egyptians shouldering a disproportionate tax burden. It\u2019s yet to be seen whether policymakers have been justified in their fear that the levy would have a dampening effect on local investment in the bourse.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX capital gains tax will come into force in Jan after all: Finance Minister Mohamed Maait confirmed in an interview with CNBC Arabia earlier this week that a 10% tax on the gains investors make on EGX transactions will be coming into effect on 1 January, putting an end to speculation on whether the […]<\/p>\n","protected":false},"author":1,"featured_media":557568,"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":[9897],"tags":[3476,68,252,72,276,277,976,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-gains-tax","tag-capital-gains-tax","tag-egx","tag-egyptian-capital-market-association","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-prime-holding","tag-tax","wpautop","entry"],"acf":{"mongo_id":"fc92b9f8-5427-446f-a7dc-2960cc4d17a4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/324.jpg","photo_position":"above","related_issue":[557561],"teaser":"","voice_url":""},"yoast_head":"\nThe capital gains tax is definitely coming to the EGX on 1 Jan - 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Tax regulations published by local\u2026","rel":"","context":"In "Capital markets"","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\/9\/88.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556330,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/20\/mps-ask-for-formal-debate-on-capital-gains-tax-on-egx-trades\/","url_meta":{"origin":557567,"position":1},"title":"MPs ask for formal debate on capital gains tax on EGX trades","author":"enterpriseam admin","date":"20 October 2021","format":false,"excerpt":"A group of MPs have formally asked House Speaker Hanafy El Gebaly to allow debate of the upcoming 1 January 2022 reintroduction of a capital gains tax on EGX transactions, according to Al Mal. The 20 lawmakers, headed by the leader of the Homeland Defenders Party\u2019s caucus in the house,\u2026","rel":"","context":"In "PARLIAMENT WATCH"","block_context":{"text":"PARLIAMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/parliament-watch\/"},"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":557567,"position":2},"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 "Capital markets"","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":557712,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/a-group-of-mps-want-to-postpone-the-capital-gains-tax\/","url_meta":{"origin":557567,"position":3},"title":"A group of MPs want to postpone the capital gains tax","author":"enterpriseam admin","date":"29 September 2021","format":false,"excerpt":"Group of MPs to fight EGX capital gains tax: A small group of MPs will draft legislation aiming to postpone for another year the reintroduction of a capital gains tax on EGX transactions, which is slated for January 2022, Masrawy reports. The group of 20 lawmakers, led by businessman and\u2026","rel":"","context":"In "Capital markets"","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\/9\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556047,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/how-hard-will-the-house-push-back-against-the-cgt\/","url_meta":{"origin":557567,"position":4},"title":"How hard will the House push back against the CGT?","author":"enterpriseam admin","date":"10 October 2021","format":false,"excerpt":"WATCH THIS SPACE- One MP wants to turn legislators away from capital gains tax: House Planning and Budgeting Committee Secretary Abdelmoneim Emam has handed a briefing request to the house speaker in a bid to sway lawmakers away from reintroducing capital gains tax on the EGX, tell\u2019s Al Borsa\u2019s print\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":557567,"position":5},"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 "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\/12\/198.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\/557567","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=557567"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557567\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557568"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557567"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557567"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}