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Consequent to the tax reform as the Egyptian Government announced, The People Assembly has issued the law no. 163 of 2006 amended to Stamp duty tax law no. 111 of 1980. The law has cancelled about 23 taxable items approx. which were subject to the stamp tax before.
The amendments focus on the outstanding credit facilities that are provided by local banks. The outstanding balances are subject to .02% at the end of every quarter. The stamp tax is beard equally by the bank & the client. The other main item is advertising. The mentioned item is subject to the total cost of the advertising at a rate of 15% excluding the sales tax paid.