Egypt Eyes 10% CGT On NSGB Takeover
by Lorys Charalambous, Tax-News.com, Cyprus
01 April 2013
The Egyptian tax authorities have confirmed plans to levy a 10% tax on shareholder and investment fund capital gains derived from Qatar National Bank's planned takeover of National Société Générale Bank (NSGB).
Head of the tax authority Mamdouh Omar emphasized that NSGB's French parent, Société Générale, would not be subject to the capital markets tax, in accordance with the agreement between France and Egypt aimed at preventing double taxation.
The Egyptian Government first announced plans to impose a 10% levy on major stock market transactions, including takeovers, back in December 2012. The capital markets tax forms part of Government efforts to raise much-needed fiscal revenues.
NSGB is Egypt's second largest private bank.
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