On 18 May 2015, the Egyptian government announced a two-year suspension of the 10% capital gains tax (CGT) on annual net gains derived from the sale of shares in companies listed on the Egyptian stock exchange. The 10% CGT was introduced as part of Decree-Law No. 53, which entered into force 1 July 2014.
The 10% withholding tax on dividends that was also introduced as part of Decree-Law No. 53 will continue to apply as a final tax. The tax is reduced to 5% when the beneficial owner holds greater than 25% of the capital or voting rights of the paying company for at least two years. A 90% participation exemption applies for parent and holding companies if the 25% holding requirement is met and the participation is held for at least two years or committed to be held for at least two years.
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