Cairo – Mubasher: Egypt’s President Abdel-Fattah El-Sisi will issue a decree in three weeks to endorse postponement of a much-debated capital gains tax, said the country’s investment minister, Ashraf Salman.

The endorsement will take effect starting 17 May, said the minister, adding that the taxes collected in the period from this date until the president's decree will be refunded to investors.

The delay in issuing the decree is attributed to several procedures taken to ensure no double taxation occurs at the level of cash dividends.

The government announced on 18 May that it had decided to postpone the 10% capital gains tax for two years. Traders had previously filed a lawsuit over the tax, arguing that it was deterring potential investors.