Cairo – Mubasher: Egypt’s finance ministry on Tuesday announced the completion of a bill to amend some provisions of Law No.76 of 2017 regarding the stamp duty tax on trading on the Egyptian Exchange (EGX).

The suggested amendments, which will be referred to the Egyptian cabinet for approval, include cancelling the third increase of the stamp duty tax to be kept at EGP 1.5 per 1,000 for both sellers and buyers, the ministry revealed in a statement.

The stamp duty was planned to be increased to EGP 1.75 starting from June, the statement added.

The finance ministry aims to keep the stamp duty unchanged in a bid to alleviate the financial burdens on traders and support the activity of the Egyptian bourse.

Egypt previously imposed a stamp duty on EGX deals at EGP 1.25 per 1,000 and then raised it to EGP 1.5 per 1,000 in June 2018.