Egypt bourse chairman criticises new tax

Reuters, Thursday 2 Jun 2011

The chairman of the Egyptian stock exchange criticised a new capital gains tax announced by the cabinet on Wednesday.

News of the tax caused the benchmark index to tumble 3.3 percent in early trade on Thursday.

"I see that the imposition of the tax is very harmful to the market at such a time and could be applied at another time," Mohamed Abdel Salam told reporters.

"Everyone should know that the tax decision is not final and that the exchange will send a memo to the cabinet," he said. "A meeting was held today between the prime minister and businessmen to discuss the capital gains tax decision.

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