The Investment Ministry has urged the Finance Ministry to expedite the release of the executive regulation of a draft law adopted by the presidency that subjects the stock market to transactions to the income tax.
A senior investment ministry official revealed concerns within the ministry and the Egyptian Financial Supervisory Authority due to the delay in releasing details of the law, adding that the state of ambiguity caused several investors to exit from the Egyptian Stock Exchange.
Sherif Samy, EFSA director, said a detailed regulation of the draft law has to be released so as to explain mechanisms of applying the new tax. He told Al-Masry Al-Youm that the EFSA’s role is merely to “advise the government before taking any decision related to investment in the stock market.”
He stressed the importance of submitting the draft to EFSA for review to public announce the potential consequences of its application.
Edited translation from Al-Masry Al-Youm
