By Ahmed Allam

Cairo – Mubasher:  Egypt’s government has decided to delay a controversial capital gains tax, source of an ongoing dispute between traders and officials, investment minister Ashraf Salman told  Mubasher.

“It was decided to put the capital gains tax on hold,” the minister said in an emailed statement.

Meanwhile, Abdel-Moneim Matar, head of the Egyptian Tax Authority (ETA), told Mubasher the decision over the stock market tax was political, adding that the ETA is an executive body and has not received any government decision in this regard.

Earlier this month, traders in Egypt filed a lawsuit against the government, demanding that a law imposing a 10% capital gains tax be amended on the grounds that it is confusing and deterring investors.

Finance minister Hany Kadry Damian announced in July 2014 that the government approved imposing a 10% capital gains tax on stock market profits, cash dividends and bonus shares, to be collected annually.