Mohamed Maher, President of the Egyptian Securities Association, “ECMA”, said that the application of capital gains tax on shares transactions listed on the Egyptian Stock Exchange is a sovereign decision, which the market needs to reconsider, given that it represents an obstacle to the state’s desire to deepen the market and offer large companies in it. .
He added that the capital market associations did not hold meetings regarding taxes during the last period, as they advised the need to cancel or postpone taxes in all its forms in the current period until the market situation improves, which resulted in the postponement of it twice.
And the Ministry of Finance had made it clear in a statement earlier this month, after publishing a guideline regarding tax in the Official Gazette, that Ministerial Resolution No. 428 of 2021 came in implementation of the provisions of the laws in force, and in force now, and includes only the rules and instructions for the tax treatment of capital gains, and aims to Clarify and simplify the procedures and tax treatment of various traded securities to facilitate taxpayers.
The statement added that this guide is not the first of its kind, but another guideline was previously issued explaining the treatment and procedures to be followed to pay the tax on capital gains for non-residents for unrestricted shares.
Article Maher: Implementing capital taxes in the stock exchange is a sovereign decision that we hope to reconsider. It was written in the stock exchange newspaper.