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Mamdouh Omar, Head of Tax Authority asserted that neither decisions nor instructions have been issued as regards to the tax exemption for securities trading adding that proceeds generated from the Egyptian Exchange transactions executed by both retail and corporate traders will continue to be exempted from tax, as per Law No. 91/2005.
For his part, Dr. Mohamed Sorour – Finance Minister’s Advisor for Tax Policies – said the proposed tax will be imposed on earnings generated from the initial public offering (IPOs) of securities on the secondary market. He further noted that the other market transactions will not be impacted by such tax.
