Egyptian Senate proposes package of tax reforms to boost capital market investment – Politics – Egypt

“The Senate and the government have agreed that it is necessary to stimulate investment in the capital market and the first step in achieving this is to resolve the tax issues that could negatively affect the flow of investment in the capital market.” , indicates the report.

The reform proposals were tabled by Senators Yasser Zaki and Ahmed Samir. Zaki said that “the constitution gives the Senate the right to submit proposals to the government and ours is the first to exercise this right.”

Hani Sari El-Din, chairman of the Senate Financial, Economic and Investment Affairs Committee, told senators that the Senate and the government have come to an agreement on the need to reform the tax structure that currently governs business operations in the Egyptian capital. Marlet.

Sari El-Din said the capital gains tax, which entered into force in 2014, had been suspended for more than six years.

“When the Ministry of Finance announced that the capital gains tax would be implemented on January 1, 2022, many businessmen and investors called for dialogue due to the negative impact of this tax on business operations, ”Sarieddin said.

“After three dialogue sessions, we formed a committee and reached an agreement on which we decided to take recommendations not only on the deferral of capital gains tax, but on the need to reform the structure. taxes governing trading operations on the capital market. “

“We took 16 recommendations that aim to reform the tax structure in order to attract more investment in the capital market,” said Sari El-Din.

Akmal Nagati, the secretary general of the Senate Committee on Financial, Economic and Investment Affairs, said the government has reacted quickly and positively to the proposals made by the Senate in the area of ​​resolving the tax issues facing citizens. investors in the capital markets.

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