{"id":581071,"date":"2023-02-06T00:00:00","date_gmt":"2023-02-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/a-temporary-capital-gains-tax-waiver-is-on-the-table-following-the-deval\/"},"modified":"2023-02-06T00:00:00","modified_gmt":"2023-02-06T00:00:00","slug":"a-temporary-capital-gains-tax-waiver-is-on-the-table-following-the-deval","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/06\/a-temporary-capital-gains-tax-waiver-is-on-the-table-following-the-deval\/","title":{"rendered":"A temporary capital gains tax waiver is on the table following the deval"},"content":{"rendered":"

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<\/span>EGX investors could be in line for a fresh capital gains tax break: <\/span>Proposed <\/span>amendments to the Income Tax Act have been pulled from the House while policymakers consider amending capital gains tax (CGT) rules in response to the current exchange-rate volatility, <\/span>two government sources<\/span> told Enterprise. Under the proposal, CGT on <\/span>gains<\/span> from stock trades made by resident investors <\/span>in fiscal year 2022 would not be due until after<\/span> the new tax legislation is passed. <\/span>Policymakers are still mulling additional changes to how the CGT may be implemented, including timing. <\/span><\/p>\n

The thinking: Keep the EGX attractive.<\/span> Policymakers are considering setting aside the tax to mitigate the negative impact of the EGP\u2019s devaluation on local investors. Their thinking: Local investors have been at a disadvantage (in EGP buying power terms) compared with foreign investors who were able to take larger positions for less (in USD terms). The currency has fallen sharply against the greenback over the past year on the back of global headwinds and a local FX shortage.<\/span><\/p>\n

This has institutional backing:<\/span> Among those pushing for the tax break are the Egyptian Stock Exchange, the Financial Regulatory Authority, and several undisclosed financial institutions.<\/span><\/p>\n

There are no plans to scrap the tax entirely:<\/span> The government isn\u2019t planning on reversing its decision to re-introduce the capital gains tax, but policymakers are working on a new package of incentives to drive foreign investment in the market, one source said.<\/span><\/p>\n

This isn\u2019t the first time we\u2019ve seen CGT breaks since its reintroduction: <\/span>The <\/span>Madbouly government in March<\/a><\/span> slashed the capital gains tax on gains made from IPOs on the EGX by 50% for a two-year period and created a tax exemption for share-swaps between listed and unlisted companies, as part of an EGP 130 bn stimulus package that followed the March devaluation.<\/span><\/p>\n

More tax incentives to come: <\/span>The state is looking into introducing more incentives to draw investments in securities and investment funds, taking into account exchange rate changes and interest levels.<\/span><\/p>\n

The current rules:<\/span> A <\/span>10% capital gains tax<\/a><\/span> on EGX transactions was reintroduced last January for resident investors (foreign investors in the bourse are exempt). Investors pay the tax on net portfolio earnings calculated at the end of the tax year, minus brokerage fees. Policymakers first said they were going ahead with a CGT in 2015, delayed, then set it aside in favour of a <\/span>0.125% stamp tax<\/a><\/span> in 2017 and shelved the CGT for a three-year period. They then put on hold again until the start of last year thanks to the pandemic. <\/span><\/p>\n

LOOKING AHEAD- We are bracing for more tax changes in the coming weeks: <\/span>The Madbouly government is set <\/span>to unveil its tax policy document<\/a><\/span> in the coming few weeks.<\/span><\/p>\n

The EGX has been on a tear on the back of the devaluation:<\/span> The benchmark EGX30 index has risen <\/span>11.4%<\/span> since the start of the year; <\/span>it was up nearly 20% at the start of last week being hit by a wave of profit-taking.<\/span> The index has <\/span>almost <\/span>doubled since falling to six-year lows last June. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A capital gains tax waiver is on the table for EGX investors.<\/p>\n","protected":false},"author":1,"featured_media":581072,"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":[7385],"tags":[104,72,274,7313,69,3583],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-economy","tag-enterpriseam","tag-house-of-representatives","tag-income-tax","tag-tax","tag-taxation","wpautop","entry"],"acf":{"mongo_id":"5c0c8ac7-baac-489b-85c5-550cd4ebaec9","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/142.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt considers temporary capital gains tax waiver following the deval","related_issue":[581064],"teaser":"A capital gains tax waiver is on the table for EGX investors.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/ej-content-files\/.4114168e-4970-4c1c-af85-d79c8b6c8781.mp3"},"yoast_head":"\nA temporary capital gains tax waiver is on the table following the deval - 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We suspect so, given a recent media report on a proposal by a finance industry association that comes across as a bid to shape the debate over the reintroduction of the measure. So, what\u2019s the issue? The government said\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":[]},{"id":557567,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/the-capital-gains-tax-is-definitely-coming-to-the-egx-on-1-jan\/","url_meta":{"origin":581071,"position":1},"title":"The capital gains tax is definitely coming to the EGX on 1 Jan","author":"enterpriseam admin","date":"23 September 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In "CAPITAL GAINS TAX"","block_context":{"text":"CAPITAL GAINS TAX","link":"https:\/\/enterpriseam.com\/egypt\/category\/capital-gains-tax\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596623,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/finmin-egx-to-restore-the-old-capital-gains-tax-regime\/","url_meta":{"origin":581071,"position":2},"title":"FinMin, EGX to restore the old capital gains tax regime","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t to restore the old capital gains tax regime under its latest proposal: A government committee looking to amend the capital gains tax (CGT) is proposing to restore the old tax rate of 10% on gains from the sale of shares in both EGX-listed and non-listed companies, a number\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed 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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":598827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/house-planning-and-budget-committee-to-discuss-unifying-capital-gains-tax\/","url_meta":{"origin":581071,"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 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