Amendments to Egypt stock tax concern payment mechanism

Egypt’s finance minister said discussions over amendments to a tax on stock dividends and capital gains concern the payment mechanism, dampening market expectations of significant changes to the tax.

Egyptian investors had challenged the government in court this week over the tax, saying it was causing confusion and hampering investment.

Traders have said the market still does not understand how the tax will be calculated or collected, adding to uncertainty heightened by an indefinite delay to parliamentary elections. The stock market hit a four-month low in early trade on Tuesday.