By: Heba ElKordy & Noha ElNahhas
Cairo – Mubasher: The rate of the stamp duty tax on stock market transactions is set at 0.1%, head of the Federation of the Egyptian Chambers of Commerce (FEDCOC) Awni Abd El-Aziz told Mubasher.
Clients cannot afford high rates of the stamp duty; as a result, brokerage companies in cooperation with the Egyptian Exchange (EGX) and the risks fund will provide part of it, he added.
The chamber is taking into consideration financing part of the stamp duty tax through over-the-counter shares and bonds which saw purchases during the past period, Abd El-Aziz said.
If the rate is higher, trading value will be at a higher risk, he said, adding that the Egyptian finance ministry has not yet set a specific rate of the stamp duty tax.
A memorandum regarding the stamp duty tax is being prepared and will be passed to the finance ministry within four days, he said, adding that a meeting with the economic affairs committee of the Parliament will be held after the ministry’s reply.
