Capital Gains Tax ‘Pivotal’ to Egypt’s Budget; Says Investment Minister

The capital gains tax on the stock market is pivotal to finance Egypt’s budget, said the newly-appointed Investment Minister Ashraf Salman.

The Egyptian official said the decision whether to adopt or delay the capital gain tax is in the hands of Egypt’s Cabinet and Ministry of Finance.

Salman said that he plans to lure new investments to the Egyptian market through removing all the bureaucratic hurdles and resolving disputes with investors.

Regarding the Qatari plans to establish 1 million housing units in Egypt, Salman said that until now no requests have been made and that Egypt is open for all investors.