Egypt's proposed capital gains tax is a "disaster" that will scare people away from the country's stock market, billionaire Naguib Sawiris said, adding pressure on the government to reconsider the plan.
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"We are totally against it," Mr Sawiris, the founder of Cairo-based mobile-phone operator Orascom Telecom Holding SAE, told Bloomberg Television today. "There are discussions now that they withdraw that."
Finance Minister Samir Radwan on June 1 announced a 10 per cent tax on dividend payments, mergers and acquisitions and asset revaluations as part of a draft budget that aims to rein in a widening budget deficit. Egyptian Exchange Chairman Mohamed Abdel Salam said the plan, which won't affect gains from trading, may harm the North African country's stock market.
A popular uprising that ousted President Hosni Mubarak in February has sent Egypt's benchmark EGX 30 stock index down 24 per cent this year, making it the world's worst performing gauge. The index fell 2.7 per cent on June 2, the day after the tax plan was announced, and rebounded 1.6 per cent yesterday.
"We have explained our point of view to the Ministry of Finance," Mr Sawiris said. "The press has also been really supportive and the head of the Cairo stock exchange was a very brave man and expressed his concern. I think they will retreat."
Egypt's budget deficit may widen to about 10 per cent of gross domestic product in the fiscal year that ends this month, compared with 8.1 per cent in the previous 12 months, Mr Radwan said. The economy of the most populous Arab country may expand 2.6 per cent this fiscal year compared with 5.1 per cent in the year that ended June 2010, according to government forecasts.
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
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The specs
- Engine: 3.9-litre twin-turbo V8
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
