Traders talk on the floor of the stock exchange in Cairo, May 29, 2014. (REUTERS/Amr Abdallah Dalsh)
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Egyptian shares slumped the most globally after the government said it would tax investor profits a day after the presidential election concluded.Egypt, which is struggling to cut the Middle East's highest budget deficit, has approved the introduction of a 10 percent capital gains tax on profits made on the stock market, Egyptian Finance Minister Hany Kadry Dimian told Reuters Thursday.To help to encourage direct investment, there will be a reduction in the tax on cash dividends and bonus shares for those holding strategic investments of more than 25 percent in companies listed on the stock market, Dimian said.Dimian said a 0.001 percent stamp tax on stock market transactions would be cancelled.
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