Cairo – Mubasher: The postponement of capital gains tax on the Egyptian Exchange (EGX) will remain in effect until its end date on 17 May 2017, said Amr Al-Mounir, deputy finance minister for tax policies.

Earlier, Al-Mounir said FY17 public budget will include the capital gains tax on EGX listed companies.

“The decision to postpone the EGX tax is necessary to deepen the Egyptian market, which is still recovering”, the Daily News Egypt quoted Minister of Investment Ashraf Salman.

Earlier, President El-Sisi issued a decree to postpone a much-debated capital gains tax.

The endorsement took effect from 17 May 2015. The Minister of Investment said taxes collected in the period from this date until the president's decree will be refunded.