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Tax Authority Advisor: New Laws Easing Investor Tax Burden
Saeed Foad, Advisor to the Head of the Egyptian Tax Authority, stated that the government is working on a package of tax facilitation measures to support investors. These include simplifying procedures and introducing new laws related to income tax, value-added tax, and stamp duty. The amendments involve eliminating capital gains tax on the sale of listed shares and replacing it with a stamp duty at a rate of 0.5%, as well as reducing the tax burden on holding companies by abolishing dividend tax. The new law also aims to modify the real estate transaction tax from 2.5% and will introduce an electronic application to facilitate the uploading of contracts and immediate tax payments.
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