New capital gains tax introduced on Egypt’s stock market profits
Egypt’s finance minister, Hany Dimian has announced the introduction of a 10% capital gains tax on profits made on the stock market, Reuters has reported. “The council of ministers agreed to impose a 10% tax on net capital gains that individuals make at the end of the tax year,” Dimian said. “A tax of 10% was also imposed on cash dividends and bonus shares.” The tax is part of the first phase of income tax reforms in the country expected to bring in 10 billion Egyptian pounds ($1.4bn), Dimian said. He said the tax will not be retroactive and will be implemented once a law is issued.