File - Egyptian traders work at the stock market in Cairo, Egypt, Jan. 21, 2013. (AP Photo/Amr Nabil)
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Egypt has watered down a tax on stock market gains it announced last week as part of efforts to trim a high budget deficit, after the country's bourse recorded its biggest daily drop in almost a year Sunday.Finance Minister Hany Dimian announced the new 10 percent tax on dividends and on gains on share transactions Thursday, drawing an uneasy initial market response.The main share index closed down 3.5 percent on that day and, after the two-day market break, it fell a further 4.2 percent Sunday.Dimian estimated late Saturday that the tax would raise between 3.5 and 4.5 billion Egyptian pounds.Gulf investors repatriating such profits generally do not have to pay tax at home.After news of the amendments, Egyptian shares Monday were up as much as 2.8 percent.
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