{"id":619537,"date":"2024-05-03T00:00:00","date_gmt":"2024-05-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/03\/capital-gains-tax-on-egx-transactions-postponed-to-next-year\/"},"modified":"2024-05-03T00:00:00","modified_gmt":"2024-05-03T00:00:00","slug":"capital-gains-tax-on-egx-transactions-postponed-to-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/03\/capital-gains-tax-on-egx-transactions-postponed-to-next-year\/","title":{"rendered":"Capital gains tax on EGX transactions postponed to next year"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning folks, and happy Friday. <\/strong> We hope you enjoy the longer weekend and have a festive Easter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A great way to welcome this warm Easter is by embracing a new scent.<\/strong> Wait, we know what you\u2019re thinking: In this economy? And to that, we answer an unwavering \u201cyes\u201d. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our guide this week shares a comprehensive list of some names from Egypt\u2019s fragrance<\/strong><strong> scene.<\/strong> These brands have authentic innovations and also scents that are similar to their more expensive Western cousins but won\u2019t leave you broke for the rest of the month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.<\/p>\n<p class=\"tag-border-left\">LAST WEEK IN 3 MINS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CAPITAL MARKETS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Gov\u2019t postpones collecting capital gains tax on EGX transactions starting 2025:<\/strong>The Madbouly government plans to start collecting taxes on capital gains incurred from trading EGX-listed financial securities <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/853171ea-6141-4c0e-ab99-26af50b09d5d\/capital-gains-taxes-incoming-in-2025\" style=\"\" rel=\"noopener\">starting March-April 2025<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The long-awaited Act Financial IPO is coming soon: <\/strong>Investment management firm Act Financial <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78190991-2ee3-4ed5-bcce-60e898351d57\/act-financial-gets-egx-approval-for-ipo-in-2q-2024\" style=\"\" rel=\"noopener\">is closing in<\/a> on its long-awaited initial public offering on the EGX and expects to start trading its shares within two months, after obtaining approval from the EGX. The company will list up to 30% of the company and bring in around EGP 1 bn when it goes public.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>After the IPO? <\/strong>The firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2d9528b7-c6dd-4871-a1c2-19c9589b6bfb\/act-financial-to-create-a-big-financial-entity-through-merger-or-acquisition-following-ipo\" style=\"\" rel=\"noopener\">wants<\/a> to either acquire or merge with another entity to create \u201ca big financial entity,\u201d after going public, CEO Bassem Azab told Asharq Business. A number of Saudi and Emirati investors have already expressed interest in taking part in the transaction, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BANKING- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s first digital bank to launch in 4Q 2024: <\/strong>Banque Misr\u2019s Misr Digital Innovation (MDI) has received an initial approval from the Central Bank of Egypt to launch what could be the country\u2019s first digital bank, dubbed Onebank, MDI said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/189.pdf\" style=\"\" rel=\"noopener\">statement yesterday (pdf)<\/a>. Onebank aims to launch in 4Q 2024 \u201cafter completing the second phase of the due and obtaining the operating license,\u201d the statement reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENERGY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t leases an LNG regasification unit from Norway\u2019s <\/strong><strong>H\u00f6egh LNG<\/strong><strong>: <\/strong> State gas firm EGAS has signed a contract to lease a re-gasification unit from Norwegian firm <a target=\"_blank\" href=\"https:\/\/www.hoeghlng.com\/home\/default.aspx\" style=\"\" rel=\"noopener\">H\u00f6egh LNG<\/a>,with the aim to meet the increasing local consumption of gas during the summer, according to a statement issued by <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid0aywLEhurioPXGRsAp3kSA8K23m4yDJdGng9NyKq24Jx6XWLSy1Bk5KnB6oUNGKowl\" style=\"\" rel=\"noopener\">the Oil Ministry<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ECONOMY-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Egypt <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a4d40c7-270d-4f17-b677-f24738922550\/egypt-could-receive-another-usd-820-mn-tranche-in-june\" style=\"\" rel=\"noopener\">could receive<\/a><\/strong><strong> USD 820 mn from the International Monetary Fund from June 15 <\/strong><strong>onwards<\/strong> \u2014 shortly following the Fund\u2019s third review of our loan program in the same month \u2014 after the Fund agreed to \u201cto better align access with review cycles under the program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Goldman Sachs <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63e469c9-3dca-4aa2-b4be-3a4adc54842d\/goldman-sachs-forecasts-2%2525-cbe-interest-rate-cut-in-may\" style=\"\" rel=\"noopener\">expects<\/a><\/strong><strong> the Central Bank of Egypt to cut rates by 200 bps at its next <\/strong><strong>policy meeting in May.<\/strong> The bank\u2019s Monetary Policy Committee is scheduled to meet on Thursday, 23 May to review interest rates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FX WATCH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FX to be made available to all importers starting June:<\/strong> The central bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c35bda94-dc9e-49b1-98ae-628b25d2d05f\/fx-to-be-made-available-to-all-egyptian-importers-starting-may-following-planned-central-bank-liquidity-injection\" style=\"\" rel=\"noopener\">will start<\/a> handing out letters of credit (LCs) to importers of non-essential goods at the start of June \u2014 including for goods already stuck at ports and new imports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HOSPITALITY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh subsidized loans for hospitality players? <\/strong>The tourism and finance ministries <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\/egypt-mulls-subsidized-loan-program-for-hospitality-players-to-boost-hotel-room-capacity\" style=\"\" rel=\"noopener\">have<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\/egypt-mulls-subsidized-loan-program-for-hospitality-players-to-boost-hotel-room-capacity\" style=\"\" rel=\"noopener\">agreed<\/a> to launch an initiative offering subsidized loans at a 12% interest rate to local and foreign hospitality players looking to set up more hotel rooms across the country. The ministries are drawing out the final details of the initiative to be presented to the cabinet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/123.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Capmas and the CBE are expected to publish the inflation data for April next week.<\/strong>The likelihood that we\u2019re on a deflationary path seems good, with annual urban inflation cooling 2.4 percentage points to 33.3% in March on the back of a softer increase in food prices as traders priced in a lower exchange rate following the fall of the parallel market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- S&P Global will publish Egypt\u2019s PMI figures for April on Wednesday 8 May<\/strong> measuring the country\u2019s non-oil private sector activity, which has been in contraction for the last 40 months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/news\/edition?id=c800937c-c8e5-4a79-a325-e107ad33240c&prev=false&storyTypeId=8\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> AROUND THE WORLD IN SEVEN DAYS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/125.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaza continued to lead the front pages of the global press<\/strong>, as Israeli Prime Minister Benjamin Netanyahu signaled that he would push ahead with a ground assault on Rafah \u201cwith or without a deal.\u201d Speaking as Cairo-brokered ceasefire talks continued, Netanyahu said, \u201cThe idea that we will stop the war before achieving all of its goals is out of the question. We will enter Rafah and we will eliminate Hamas\u2019 battalions there \u2014 with or without a deal.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pro-Palestinian protests on US college campuses \u2014 and heavy-handed responses to <\/strong><strong>them \u2014 also got plenty of ink. <\/strong>Columbia President Minouche Shafik received criticisms from both sides, while New York City massed police next to the campus after protesters \u201cdramatically\u201d took over a building, and those occupying the building have been threatened with expulsion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the business front, BlackRock <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5e9d7da-e92d-4c27-b11e-bd6b49d1996a\/egx30-down-6%2525-to-four-month-low\" style=\"\" rel=\"noopener\">landed a USD 5 bn commitment<\/a><\/strong><strong> from Saudi Arabia\u2019s <\/strong><strong>Public Investment Fund<\/strong> and will open a \u201cmulti-class investment firm\u201d in Riyadh. A unit of the world\u2019s largest asset manager will target investments in the Kingdom as well as across the Middle East and North Africa. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0f <\/strong><strong>THE WEATHER THIS WEEKEND- <\/strong>Expect a high of 33\u00b0C today and a low of 24\u00b0C. Saturday will be partly cloudy with the mercury climbing to a high of 31\u00b0C and dropping to 22\u00b0C, according to our favorite weather app.<\/p>\n<p class=\"tag-border-left\">HAPPENING THIS WEEKEND- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian rap is taking the stage all over Egypt today.<\/strong> Red Bull is holding six concerts around the country simultaneously to celebrate rappers in their respective hometowns. Assiut, Mansoura, Tanta, Ismailia, Alexandria, and Fayoum will be hearing their rappers\u2019 bars one by one. The following week, Friday, 7 May, all six rappers will unite to perform right here in C-Town at Mall of Arabia. Find tickets for each city\u2019s concert <a target=\"_blank\" href=\"https:\/\/www4.ticketsmarche.com\/\" style=\"\" rel=\"noopener\">here<\/a>, and Cairo\u2019s <a target=\"_blank\" href=\"https:\/\/www.ticketsmarche.com\/events\/5378\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/maps.app.goo.gl\/PS77zmT9EX7WLpFe9\" style=\"\" rel=\"noopener\">CJC 610<\/a><\/strong><strong> are rewinding the tapes and hosting a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.instagram.com\/p\/C6OAmHwosmB\/?hl=en\" style=\"\" rel=\"noopener\">90s Flashback<\/a><\/strong><strong> night<\/strong><strong>tonight at 9pm.<\/strong> For reservations send them a message on their Facebook <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/cairojazzclub610\/\" style=\"\" rel=\"noopener\">page<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tablet El Sitt is heading to Alex this weekend to perform at the Al <\/strong><strong>Anfoushi<\/strong><strong> Culture<\/strong><strong> Palace.<\/strong> The concert, a celebration of Egyptian art and folklore, is taking place today at 8pm. Tickets can be found <a target=\"_blank\" href=\"https:\/\/www.ticketsmarche.com\/event\/5367\" style=\"\" rel=\"noopener\">here<\/a>, but seating is first come first served.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pop icon Tamer Hosny is making an appearance in Makani Village.<\/strong> If you find yourself in Sokhna this weekend, you might want to catch the singer\u2019s concert at Hibou Beach today. Book your tickets <a target=\"_blank\" href=\"https:\/\/tazkarti.com\/#\/e\/644\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Join the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.instagram.com\/qahrawya\/p\/C6V-tE5tEeN\/?img_index=1\" style=\"\" rel=\"noopener\">Nouma x Lamba Art tour<\/a><\/strong><strong> by Qahraweya this Saturday. <\/strong>The tour will take you on a journey through the contemporary art scene of Downtown Cairo. You\u2019ll also get to go on a felucca ride. To reserve your spot, message their <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/qahrawya\/?g=5\" style=\"\" rel=\"noopener\">page<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Get ready for the inaugural <\/strong><strong><a target=\"_blank\" href=\"https:\/\/web.facebook.com\/events\/court-yard-maadi\/maadi-book-festival\/1508417323092234\/?_rdc=1&_rdr\" style=\"\" rel=\"noopener\">Maadi Book Festival<\/a><\/strong><strong> at <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/maps\/place\/The+Courtyard+Maadi\/@29.9774744,31.2849121,15z\/data=!4m6!3m5!1s0x145838600d4d5a1b:0xd2fa1c59d4160cc8!8m2!3d29.9774744!4d31.2849121!16s%2Fg%2F1ptz0r5zv?entry=ttu\" style=\"\" rel=\"noopener\">The Courtyard Maadi<\/a><\/strong>. The event kicked off on Wednesday and will continue till Monday, 6 May from 11am-11pm. They will showcase a diverse array of books, novels, handcrafted products, unique gifts, and interactive activities and then there\u2019s price reductions that promise a bargain for attendees. No tickets are required<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/maps\/place\/TAM+Gallery+(The+Arts-Mart+Gallery)\/@30.0607409,31.03202,15z\/data=!4m2!3m1!1s0x0:0xadbb5c1adf038d82?sa=X&ved=1t:2428&ictx=111\" style=\"\" rel=\"noopener\">TAM.Gallery<\/a><\/strong><strong>\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/web.facebook.com\/events\/1114151223015322\/1114151243015320\/?active_tab=about\" style=\"\" rel=\"noopener\">Solos in Parallel<\/a><\/strong><strong> exhibition is open<\/strong> and will be ongoing until Tuesday, 7 May from 10am-5pm weekdays and 11am-6pm on Saturday. The exhibition features artworks from Rabab Eissa and Walid Taher where they showcase how parallel worlds intertwine, especially the profound interplay of love and transformation through art. No entrance fee is required.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning folks, and happy Friday. We hope you enjoy the longer weekend and have a festive Easter. A great way to welcome this warm Easter is by embracing a new scent. Wait, we know what you\u2019re thinking: In this economy? And to that, we answer an unwavering \u201cyes\u201d. Our guide this week shares a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":619538,"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":[7287],"tags":[102,6653,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-capital-markets","tag-enterprise-weekend","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"103e2b35-1919-47c8-8e2a-b1fb869fa694","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/2470.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Capital gains tax on EGX transactions postponed to next year","related_issue":[619535],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.07521d47-53b1-4b78-b056-d9c985ac808a.mp3"},"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>Capital gains tax on EGX transactions postponed to next year - 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\/2024\/05\/03\/capital-gains-tax-on-egx-transactions-postponed-to-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital gains tax on EGX transactions postponed to next year\" \/>\n<meta property=\"og:description\" content=\"Good morning folks, and happy Friday. 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