Cairo – Mubasher: The Egyptian Exchange (EGX) on Thursday announced that was sticking to the decision made by the Higher Council for Investment, which involves postponing the imposition of the capital gains tax for three years.
The Ministry of Finance (MoF) will also take the necessary legislative measures pertaining to implementing the decision, the bourse said in an official statement.
Late Wednesday, the International Monetary Fund (IMF) stated that Egypt would begin imposing a capital gains tax in a period no later than the fiscal year 2017-2018.
Back in 2014, the Egyptian government began taking several economic reform steps that included the imposing of several taxes such as the income tax, value-added tax (VAT), a property tax and the capital gains tax.
In 2015, the government froze the capital gains tax in May 2015 and postponed its application for a two-year period.
Investors had said that the tax was discouraging business in the country, which was reeling from a plunge in confidence after several political upheavals.
