Egypt to apply gains tax in QNB bid for NSGB | Égypt-actus | Scoop.it

Shareholders and investment funds that make capital gains from Qatar National Bank's (QNB) bid for Cairo-based National Societe Generale Bank (NSGB) will face a 10 percent tax, Egypt's tax authority said on Tuesday.

Egypt's regulator approved the QNB offer in February after insisting that the Qatari lender buy 100 percent of Egypt's second-largest private sector bank by market value rather than the originally planned 77 percent stake.(...)

The Egyptian tax authority said Societe Generale would be exempted from taxes for the transaction under an agreement to avoid double taxation between Egypt and France.

But individual shareholders and investment funds holding minority stakes in NSGB will have to pay a 10 percent tax on their gains, the tax authority wrote in a letter to the stock exchange, which was published on Tuesday.

 

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