Egypt cancels Capital Gains tax

Reuters, Thursday 9 Jun 2011

The government has decided to cancel the proposed tax, a media advisor to the Egyptian Prime Minister tells a news conference

Ahmed El-Samman, media advisor to Egyptian Prime Minister, said at a news conference on Wednesday that the Egyptian government decided to cancel a bill to impose a tax on capital gains. 

Finance Minister, Samir Radwan, announced a 10 per cent tax on dividends and re-evaluation of assets for the purposes of mergers and acquisitions.

The head of the Egyptian Stock Exchange Mohamed Abdel-Salam said in a statement on Tuesday "the disadvantages of imposing a tax on the profits of companies registered more than positives." 

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