By: Ibrahim Al-Masry

Egypt’s Shura Council recently agreed to amend clauses to Egypt’s stamp tax Law 104 passed in 2012, a rewritten version of the country’s Law 111 passed in 1980.

Tariq Sahari, the Shura Council member representing the Al-Nour party, publically opposed Clause 83 of the law, which would impose a new 0.001% stamp tax, a tax that will be borne by both buyers and sellers, to take effect on all sales and purchases of financial securities sold in Egypt.

Sahari asked during a recent Shura Council session: “How many investors will leave Egypt as a result of this new tax?” Salah Abd Al-Ma’boud, a Shura Council member from Egypt’s Al-Nour Party, replied that: “This new clause will drive away investors, and I sincerely hope that the Council does not pass this new amendment.”