Egypt amends new stock market law « ASHARQ AL-AWSAT:
"The Egyptian government has taken measures to ease some of the provisions from a new stock market tax law announced last week after the Egyptian Exchange (EGX) recorded its biggest daily drop in almost a year on Sunday following the announcement.
The law, which imposes a 10-percent year-end tax on stock market dividends and capital gains, was announced on Thursday by Finance Minister Hani Kadri Dimian. The announcement led the country’s benchmark index, the EGX 30, to plunge 3.5 percent on the same day and by another 4.22 percent by the end of trading on Sunday following the weekend break, despite a half-hour suspension of trading to stem the losses.
The index rallied again by 1.53 percent on Monday, following the announcement of the amendments to the law which took place after a government meeting chaired by Prime Minister Ibrahim Mahlab and attended by a group of the country’s top finance officials, including central bank governor Hisham Ramez, Minister of Trade, Industry and Investment Mounir Fakhry Abdel Nour, and the chairman of the EGX.
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