Cairo – Mubasher: The Egyptian Ministry of Finance (MoF) confirmed its compliance with the Supreme Investment Council’s decision to delay the capital gains tax equity market transactions for three years, effective from May 2017.
Earlier, the International Monetary Fund (IMF) announced that Egypt will start imposing the capital gains tax on bourse trades no later than its fiscal year 2017-2018.
The ministry clarified that the IMF statement is in line with the council’s decision as the IMF report was drafted according to the existing law, which will expire in May 2017, and even before the council’s decision came to light.
