"Egypt will refund taxes collected from Qatar National Bank 's acquisition of National Societe Generale Bank to shareholders on Sunday, an official from a clearing company told Reuters on Saturday.
The clearing company will return 10.2 million Egyptian pounds ($1.5 million) total in taxes it collected from NSGB shareholders, said Tariq Abdel Bari, managing director of Misr for Central Clearing, Depository and Registry.
The Islamist-led government had shocked foreign investors in March when it imposed a 10 percent tax on investment gains from the takeover by QNB of local lender National Societe Generale Bank (NSGB), Egypt's second-largest private sector bank by market value."
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