{"id":594820,"date":"2019-09-09T04:11:23","date_gmt":"2019-09-09T04:11:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/09\/egypt-mulls-raising-stamp-tax-fees-on-everything-under-the-sun\/"},"modified":"2019-09-09T04:11:23","modified_gmt":"2019-09-09T04:11:23","slug":"egypt-mulls-raising-stamp-tax-fees-on-everything-under-the-sun","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/09\/egypt-mulls-raising-stamp-tax-fees-on-everything-under-the-sun\/","title":{"rendered":"Egypt mulls raising stamp tax fees on everything under the sun"},"content":{"rendered":"

<\/a> EXCLUSIVE- FinMin mulls raising fees on electricity consumption, car licenses, bank transactions, and a whole lot else under Stamp Tax Act amendments:<\/b> A Finance Ministry committee mandated with drafting amendments to the outdated Stamp Tax Act is proposing introducing changes to the stamp tax imposed on electricity consumption and licensing fees for cars and shops, government sources tell Enterprise. The proposal would also see changes introduced to the tax rate imposed on bank transactions, telephone calls, and building licensing fees, among a host of other things. The committee is not looking to hike the tax on water and gas utility bills. The changes, if approved, could raise the state\u2019s tax revenues by 20%.<\/p>\n

Electricity consumption for households, industry, commercial spaces:<\/b> The proposed changes would unify the stamp tax on electricity consumption for households and industry to EGP 0.01 per kWh. Households consumption has so far been exempt from the stamp tax, while industrial consumption is currently taxed EGP 0.006 per 10,000 kWh. The committee is also proposing hiking the stamp tax on non-industrial electricity consumption, including for commercial spaces, roads, and communal use areas such as apartment building lobbies to EGP 0.05 \/ kWh, up from a current EGP 0.03 \/ kWh.<\/p>\n

Car licensing fees:<\/b> Licensing fees for heavy trucks weighing more than 15 tonnes would cost EGP 30 instead of EGP 18. The stamp tax on driving licenses for operating a five-tonne truck would increase to EGP 20 from EGP 12. The tax on licenses for passenger vehicles would also increase to EGP 10 for cars with four or fewer cylinders (up from a current EGP 4), while licenses for cars with more than four cylinders would increase to EGP 20 from EGP 12.<\/p>\n

The stamp tax on your salary is also set to increase:<\/b> The stamp tax on individuals\u2019 salaries would also increase under a tier system, with the first EGP 500 of any salary exempt from the tax. That means if you earn EGP 10,000 per month, your taxable income would be considered EGP 9,500. The tiers would be as follows:<\/p>\n