A tax on investments that is being adopted to plug Egypt's budget deficit has sparked a wave of criticism from the business community, led by the chairman of the stock exchange.
Dividend payments and profits from mergers, acquisitions and asset revaluations will be taxed 10 per cent starting next month. Taxes would not be levied on profits gained through trading in stocks.
The government also plans to increase the income tax levied on individuals and companies earning more than 10 million Egyptian pounds (Dh6.1m) a year to 25 per cent, from 20 per cent.
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