The head of Egypt's Tax Authority announced a package of tax incentives for securities market activities.
Rasha Abdel Aal, head of the Egyptian Tax Authority, said the incentives were approved in coordination with the Ministry of Finance and the Financial Regulatory Authority.
The changes amend Income Tax Law No. 91 of 2005 and Stamp Duty Law No. 111 of 1980 to exempt capital gains from the disposal of EGX-listed securities from income tax.
Such transactions will instead be subject only to the proportional stamp duty under the Stamp Duty Law.
Abdel Aal added that sales of unlisted securities will no longer face stamp duty and will be subject only to income tax, while market-making activities are exempted from stamp duty.