Egyptian Minister of Industry, Foreign Trade and Investment Mounir Fakhry Abdel Nour, said Monday the government would not backtrack on implementing the capital gains tax on stock market profits and dividends. He added that President Adly Mansour will endorse the draft law in the coming hours.
The minister stressed that the new tax announced by the government would not hurt the market attractiveness.
The main objective for the new tax is treating seriously the structural discrepancies in order to restore confidence in the Egyptian economy, Abdel Nour said, adding that the huge losses seen in the bourse during the last three sessions were ‘logical’.
The minister expected the market to resume its normal performance over the coming days.