February 23, 2017 / 10:22 AM / 5 months ago

CORRECTED-Egyptian Finance Ministry expects 0.2 pct stamp duty on market transactions by May -official

1 Min Read

(Corrects stamp duty to 0.2 percent, not 0.002)

CAIRO, Feb 23 (Reuters) - Egypt's Finance Ministry is recommending the implementation of a stamp duty on stock exchange transactions of 0.2 percent on sellers and buyers, a senior ministry official told Reuters on Thursday.

The official said he expects the stamp duty to come into effect before May and generate a revenue that ranges between 1-1.5 billion Egyptian pounds ($63-94.5 million) in 2017/18.

The government will send amendments of the income tax law, which includes the stamp duty, to parliament for final approval in March, he added.

$1 = 15.8700 Egyptian pounds Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by Ahmed Aboulenein

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