Prime Minister Mostafa Madbouly has convened a meeting at the government headquarters in the New Administrative Capital (NAC) to discuss the development of the Egyptian Exchange, Invest-Gate reports.

The meeting was attended by Mohamed Maait, Minister of Finance; Mohamed Farid Saleh, Chairman of the Financial Regulatory Authority (FRA); Ahmed El Sheikh, President of the Egyptian Stock Exchange; Rasha Abdel-Aal, Acting Head of the Egyptian Tax Authority (ETA); and Hisham Mabrouk, Managing Director of Misr for Central Clearing, Depository and Registry Company.

According to Mohamed Al-Homsani, the Official Cabinet Spokesman, the meeting addressed the circulation and publication of anonymous news in the recent period regarding the implementation of the capital gains tax on securities listed on the Egyptian Exchange.

He added that during the meeting, it was revealed that the executive regulations for Law 30 of 2023 had not been issued, and the necessary procedures for calculating and collecting the tax had not been established. In order to provide further clarity on the procedures for calculating and collecting the tax through Misr for Central Clearing, Depository and Registry, a consensus was reached among the attendees.

It was agreed that the tax would be collected starting from the tax season of March/April 2025, through Misr for Central Clearing, Depository and Registry for the year 2024. The Ministry of Finance was tasked with taking legal measures to exempt the collection of the tax from the date of Law No. 30 of 2023 issuance until the end of the calendar year on December 31, 2023.

Furthermore, it was agreed that the ETA, in cooperation with Misr for Central Clearing, Depository and Registry, would develop the necessary procedures for calculating and collecting the tax for the year 2024.

At the conclusion of the meeting, it was decided to take legal action against the dissemination of false news based on unidentified sources, with the aim of causing harm to the Egyptian Exchange and destabilizing the Egyptian economy.