VOL. XLIII

No. 21

22-May-2000

EGYPT

Egypts Peoples Assembly Passes New Capital Gains Law

Egypts Peoples Assembly passed a new law on 15 May that removes capital gains taxes on securities profits for local companies, according to the semi-official daily Al-Ahram. Previously, retail and foreign investors were exempt from capital gains taxes, while domestic institutions had to pay up to 42%. By providing a level playing field for local companies, the new law is expected to attract more institutional...