Cairo – Mubasher: Egyptian President Abdel Fattah El-Sisi has signed off on a stamp duty to be implemented on transactions carried out on the Egyptian Exchange (EGX) for both buyers and sellers, according to a decree published in the official gazette on Thursday.

The stamp duty, which is effective immediately, has been set at EGP 1.25 per EGP 1,000 for the first year and will rise to EGP 1.5 and EGP 1.75 in the second and third years of implementation, respectively.

In March, Egypt's Ministry of Finance (MoF) said it was looking to raise revenues of around EGP 1 billion to EGP 1.5 billion ($55 million-$82 million) in the first year of the new stamp duty's implementation.

El-Sisi further ratified extending the freeze on the capital gains tax for three years, according to the decree.

In July 2014, Egypt imposed a 10% tax on capital gains in an attempt to increase the government's tax revenues; however, it suspended the tax for a two-year period in 2015 following pressure from investors. Under the decree issued Thursday, the freeze has been extended for another three years.

Local media reported at the time that investors saw the capital gains tax as hindering business at a time when the country was struggling to recover from a time of political upheaval.

Earlier this month, El-Sisi ratified an investment law which aims to bolster Egypt's business environment by facilitating investments, cutting down on bureaucracy, and attracting investors through new incentives. Investors, however, are awaiting additional details on the law before reinvesting their money in the country.