{"id":557712,"date":"2021-09-29T04:00:19","date_gmt":"2021-09-29T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/a-group-of-mps-want-to-postpone-the-capital-gains-tax\/"},"modified":"2021-09-29T04:00:19","modified_gmt":"2021-09-29T04:00:19","slug":"a-group-of-mps-want-to-postpone-the-capital-gains-tax","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/a-group-of-mps-want-to-postpone-the-capital-gains-tax\/","title":{"rendered":"A group of MPs want to postpone the capital gains tax"},"content":{"rendered":"

<\/a> Group of MPs to fight EGX capital gains tax:<\/strong> 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<\/a> reports. The group of 20 lawmakers, led by businessman and deputy chair of the House of Representatives\u2019 industry committee Mohamed El Sallab, claims that the proposed 10% tax on stock market transactions could deal a fatal blow to trading on the Egyptian bourse. They say the EGX is still recovering from the impact of the pandemic and are calling for an \u201cexpanded dialogue\u201d with the EGX and the House Economic Committee to find an alternative solution.<\/p>\n

Mohamed Maait <\/strong>last week confirmed<\/a><\/strong> that it would come into force on 1 January<\/strong>, meaning from 2022 Egypt-domiciled equity investors will start paying a 10% tax on their net portfolio earnings. Domestic investors \u2014 who presently account for the bulk of turnover on the EGX \u2014 will be the only ones on the hook for the tax after the ministry decided to exempt non-residents.<\/p>\n

MPs are suggesting alternatives to the CGT<\/strong>: One is suggesting that the government levy a development fee on market transactions instead, while another wants to replace it with a stamp tax. 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

Expect debate on the tax as early as next week: <\/strong>Six of the MPs said they would call on Maait to discuss postponing the tax or replacing it with a development levy when the Senate reconvenes on 5 October. The House, meanwhile, is set to reconvene on Saturday.<\/p>\n

Is the tax sapping trading on the EGX?<\/strong> MPs say traders welcomed the tax by sparking a sell-off last week on the EGX, with Rep. Mohamed Taha Al Khouli (Fayoum) saying shares shed some EGP 27 bn in value in the two days following the announcement. Meanwhile, El Sallab said that the recent volatility proved the need for a dialogue between the ministry and the bourse before implementation, adding that the new levy needs to be applied clearly and transparently in order to avoid hindering investment.<\/p>\n

The securities industry is pushing back<\/strong>, with lobby group Egyptian Capital Market Association (ECMA) saying last week that now isn\u2019t the time to introduce a capital gains tax. The group, like the MPs, pointed to the fragility of the EGX\u2019s ongoing recovery.<\/p>\n

E<\/strong>gypt\u2019s benchmark EGX30 index is down 3.7% YTD<\/strong> after a brief stint in positive territory, while regional competitors for global capital are all handily in the green: ADX is up 54% YTD, the Saudi Tadawul is ahead more than 30% for the year and the Dubai bourse has gained 14%. 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 CGT isn\u2019t the only thing driving selling right now: <\/strong>It\u2019s likely that both retail investors and domestic institutions are liquidating positions so they have capital to sink into e-Finance\u2019s IPO, says Cairo Capital Securities analyst Adham Gamal Eldin. As we\u2019ve previously reported, the state-owned fintech player is in the market now and has said it will pull the trigger on its IPO this fall. That suggests it could make its debut as early as this month. Gamal Eldin sees a bit more selling left to come before the EGX30 stabilizes at 10,300.<\/p>\n

Global volatility also played its part last week: <\/strong>Last week\u2019s EGX sell-off coincided with a sell-off in global stocks and a turn towards safer assets, triggered by events in China and concerns that the US Federal Reserve could move to taper its stimulus later this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 deputy chair of the House […]<\/p>\n","protected":false},"author":1,"featured_media":557713,"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":[102,68,72,274,180,392,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","tag-house-of-representatives","tag-legislation","tag-senate","tag-tax","wpautop","entry"],"acf":{"mongo_id":"3a18b5bd-6aa7-41b8-bc36-97b67821b333","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/393.jpg","photo_position":"above","related_issue":[557701],"teaser":"","voice_url":""},"yoast_head":"\nA group of MPs want to postpone the capital gains tax - 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\/29\/a-group-of-mps-want-to-postpone-the-capital-gains-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A group of MPs want to postpone the capital gains tax\" \/>\n<meta property=\"og:description\" content=\"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. 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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":556047,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/how-hard-will-the-house-push-back-against-the-cgt\/","url_meta":{"origin":557712,"position":1},"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":555977,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/capital-gains-tax-wont-put-brakes-on-state-ipo-train-tawfik\/","url_meta":{"origin":557712,"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":570057,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/17\/egypt-to-postpone-egx-capital-gains-for-one-more-year-slash-stamp-tax-sources\/","url_meta":{"origin":557712,"position":3},"title":"Egypt to postpone EGX capital gains for one more year, slash stamp tax -sources","author":"enterpriseam admin","date":"17 March 2020","format":false,"excerpt":"Gov\u2019t to postpone EGX capital gains for one more year, slash stamp tax -sources: Officials have reportedly agreed to delay reintroducing the capital gains on EGX transactions for one more year, and are planning to cut the provisional stamp tax to 0.05% from 0.15%, Al Mal reports, quoting unnamed sources\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":[]},{"id":542608,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/last-nights-talk-shows-capital-gains-tax-ev-talks-feature-on-the-airwaves\/","url_meta":{"origin":557712,"position":4},"title":"Last Night\u2019s Talk Shows: Capital gains tax, EV talks feature on the airwaves","author":"enterpriseam admin","date":"5 January 2022","format":false,"excerpt":"The capital gains tax featured on the nation\u2019s airwaves last night, as head of industry lobby group the Egyptian Capital Market Association (ECMA) Mohamed Maher phoned into Kelma Akhira (watch, runtime: 13:22) and Masaa DMC (watch, runtime: 6:32) to discuss changes ECMA wants to see made to the law that\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/house-planning-and-budget-committee-to-discuss-unifying-capital-gains-tax\/","url_meta":{"origin":557712,"position":5},"title":"House Planning and Budget Committee to discuss unifying capital gains tax","author":"enterpriseam admin","date":"10 June 2019","format":false,"excerpt":"LEGISLATION WATCH- House pushes ahead with proposal on capital gains tax reform: The House of Representatives\u2019 Planning and Budget Committee is planning to move forward with its plans to unify capital gains tax, despite the Tax Authority having already shot the idea down, the committee\u2019s deputy chair Yasser Omar told\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\/557712","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=557712"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557712\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557713"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557712"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557712"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}