CAIRO: Officials at Egypt’s stock exchange welcomed Finance Minister Samir Radwan’s decision to cancel a proposed capital gains tax, and the benchmark index responded by rising 1.3 percent on Thursday.
"We reached an agreement to exempt companies listed on the bourse from a tax on distributed profits. At this time we need confidence in the market and to reduce the burden on investors," Mohamed Abdel Salam said by telephone.
Traders said reports that the government would impose a dividend tax had helped depress share prices over the past week.
