Monday 6 June 2011

Billionaire Sawiris Says Egypt’s Proposed Capital Gains Tax Is ‘Disaster’ - Bloomberg

Egypt’s proposed capital gains tax is a "disaster" that will scare people away from the country’s stock market, billionaire Naguib Sawiris said, adding pressure on the government to reconsider the plan.

"We are totally against it," Sawiris, the founder of Cairo- based mobile-phone operator Orascom Telecom Holding SAE (ORTE), told Bloomberg Television in an interview today. "There are discussions now that they withdraw that."

Finance Minister Samir Radwan on June 1 announced a 10 percent tax on dividend payments, mergers and acquisitions and asset revaluations as part of a draft budget that aims to rein in a widening budget deficit. Egyptian Exchange Chairman Mohamed Abdel Salam said the plan, which won’t affect gains from trading, may harm the North African country’s stock market.

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