The Egyptian government announced plans for a second package of tax facilities to attract investment and ease business burdens, including replacing capital gains tax on stock transactions with a stamp duty and cutting VAT on medical devices.
Finance Minister Ahmed Kouchouk outlined the details during a meeting with Prime Minister Mostafa Madbouly and Deputy Prime Minister for Economic Affairs Hussein Issa. Madbouly affirmed the government’s full support for successful implementation of the package.
The package introduces a three-year investment incentive for companies to list on the Egyptian Exchange, accompanied by replacing capital gains tax with a stamp duty. The government will extend the suspension of VAT payments on industrial machinery, equipment and medical devices to four years.
Inputs for kidney dialysis machines will be fully exempt from VAT. The solidarity contribution will be deducted from the tax base, and the tax dispute resolution law will be renewed until the end of December. Property transfers between spouses, children and direct descendants will be fully exempt from the real estate disposition tax.