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The Egyptian Cabinet decided to suspend 10 percent tax on capital gains for two years but a 10 percent tax on stock dividends will remain, the government said in a statement released on Monday.
Hossam al-Qawish -Cabinet Spokesman- said that holding the capital gains tax was meant “to preserve competition in the Egyptian bourse… as part of ongoing efforts at economic reform”.
Qawish added that the cabinet has asserted the necessity of developing and upgrading the Egyptian stocks as financing platform for Egypt’s economy as well as a way of investing and attracting capitals and economic development.
