June 22, 2017 / 5:10 PM / 2 months ago

Egypt president ratifies capital gains tax freeze extension, approves stamp duty

CAIRO, June 22 (Reuters) - Egypt's President Abdel Fattah al-Sisi ratified a stamp duty on stock exchange transactions for both buyers and sellers at 1.25 Egyptian pounds per 1,000 for the tax's first year, a decree published in the official gazette on Thursday showed.

Sisi also approved an extension of a freeze on capital gains tax for three years.

The country originally imposed a 10-percent tax on capital gains in July 2014 as part of efforts to replenish depleted state coffers. But its suspended the tax a year later under pressure from investors for a period of two years. Thursday's decree extends that freeze for another three years. (Reporting by Amina Ismail)

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