Egypt will implement the stock market capital gains tax ‘very soon’, said Prime Minister Ibrahim Mahlab on Monday.
The stock market capital gains tax will be implemented ‘very soon’ with no amendments, he noted.
The Egyptian government endorsed earlier in June a 10% tax on capital gains achieved annually in investor’s portfolio in the stock market, in addition to cash dividends.
Meanwhile, Egypt’s new Investment Minister Ashraf Salman said earlier this month the capital gains tax on stock market dividends and profits is ‘necessary’ for bolstering the country’s budget.
The government has no plans to back on such tax, Salman added.
Meanwhile, the minister said Egypt is seeking to attract investments from all countries, as it continues to remove obstacles hindering investment inflows, with the aim of achieving sold investment returns over the coming years.