Reports on Taxing Capital Gains of Shares and Bonds Trading on Stock Exchange Groundless

Reports that teachers will not benefit from salary minimums included in State general budget bill on the pretext that they are a special cadre are groundless, said Dr. Samir Radwan, the Minister of Finance.

Salary minimums included in the budget will be applied to any teacher, just like state employees, whose total salary is less than L.E. 700, whether in private or general cadres, Radwan added, stressing the Ministry's keenness that all workers in the state should benefit from the salary minimum after approval.

Likewise, the minister dismissed as groundless reports about a tax to be imposed on securities, such as shares and bonds trading on the stock exchange. However, what is currently being studied is to impose taxes on dividends of financial companies, including joint stock, limited by shares and limited liability companies, regardless of profit distribution policies.

Taxes on dividends are different from the capital gains tax, which is imposed on transaction outcome of shares, bonds and securities trading profitably on the stock exchange, he explained.