By: Mostafa Adel
Cairo – Mubasher: The general budget for the new fiscal year will include revenues for the capital gains tax for listed companies that have been postponed for a two-year period ending 17 May 2017, said Amr Al-Mounir, deputy finance minister for tax policies, on Thursday.
Estimated revenues for the tax are calculated according to the remaining period in the fiscal year after the postponement period is over, the top official said in response to a question by Mubasher at a press conference.
Since the imposing of the tax, the Egyptian Stock Exchange (EGX) has witnessed retreating liquidity as well as the exit of several foreign companies.
The Egyptian bourse was previously exempt from taxes on profits achieved from transactions, cash dividends or bonus shares.
Translated by: Nada Adel Sobhi
