A group of 20 members of parliament led by the leader of the Homeland Defenders Party, Dr. Ahmed Bahaa Shalaby, have signed a petition demanding a general discussion over the capital gains tax, set to be effective January 1st of next year.
Who is affected🤷 Dr. Shalaby called on the government to clarify its policy of imposing a tax on capital gains & its insistence on implementing it, despite the persistence of the same problems & reasons for which the law was postponed numerous times. Get a recap of the recent capital gains tax drama here, here, & here.
Why is this important🤔 Since news of the capital gains tax reappeared in early September, the market’s seen higher volatility than usual, especially with its timing coinciding with the new limits on price movements coming into effect. Despite Minister of Finance Mohamed Maait stating that the market is better than it was when the pandemic began, several market parties do not agree that the market is ready yet.
