A man counts Egyptian pounds outside a bank in Cairo, Egypt October 24, 2016. REUTERS/Mohamed Abd El Ghany
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Egypt delayed the introduction of a capital gains tax on equities for three more years, as it tries to attract investors to help ease a hard currency crunch that's hurting growth. The postponement was included in a group of tax exemptions decreed by the Supreme Investment Council, the presidency said in an emailed statement late Tuesday. They include a 5-year income tax relief for new agricultural and manufacturing investments in Upper Egypt, which abuts the Nile, as well as discounts on land prices in new urban centers planned by the government.It introduced value-added taxation last month and is expected to cut fuel subsidies and devalue the currency as it seeks a $12 billion loan from the International Monetary Fund.
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