Egypt: Capital gains tax shelved

EGYPT’S government froze plans for a 10 percent tax on capital gains yesterday, reversing a central component of its economic reform agenda that investors had criticised. It kept in place a 10 percent tax on stock dividends. The taxes, approved by President Abdel Fattah al-Sisi last July as part of efforts to overhaul the economy, were challenged in court last month. Former army chief Sisi, who ousted Egypt’s first freely-elected president following mass protests, has promised serious reforms to win back foreign investors who fled the market after a 2011 uprising. The decision to scrap the capital gains tax surprised the market after the finance minister told reporters last month the government would only amend the payment method. – Reuters