Egypt to not impose capital gains tax

The Egyptian government has negated reports of considering a new capital gains tax (CGT).

The Cabinet’s media center said in a statement on Friday, after contacting the ministry of finance, that such news are completely inaccurate.

The ministry stressed that taxes on capital gains have not been applied, as it was previously delayed by three years to 2020, as per the the Supreme Investment Council’s decision.

Egypt wants to maintain stability in tax policies to encourage investments, with the target being to combat tax evasion with better efficiency.