The Egyptian Exchange (EGX), Egypt's stock exchange, comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems. Presently, the chairman of the Egyptian Exchange is Ahmed Abdelrahman.
Transactions taking place in the stock exchange are not subject to capital gains tax. Dividends distributed by companies listed on the exchange to shareholders are also not subject to income tax. However, in 2013, a 0.001 percent tax on all stock market transactions was imposed.[2] In 2013, the Ministry of Finance announced that the government intended to repeal a 10 percent capital gains tax imposed on mergers and acquisitions the year earlier, as well as a planned tax on cash dividends, and refund investors who paid it.[3]
The Egyptian Exchange is a member of the Federation of Euro-Asian Stock Exchanges.
History
The origins of Egypt's stock exchange can be traced back to 1883 with the establishment of the first futures market in Alexandria. By 1899, under the rule of Khedive Abbas II, the exchange relocated to a new premises on Muhammad Ali Square, today known as El Manshiyya