Listed Companies’ Profits Increase by 17 % and Ending the Capital Gain Tax’ Dispute at The Egyptian Exchange

Listed Companies’ Profits Increase by 17 % and Ending the Capital Gain Tax’ Dispute at The Egyptian Exchange

As per the Egyptian Exchange (EGX)'  keenness to provide greater transparency for investors and to publish the necessary information about the companies’ performance companies to enable them take their investment decisions properly, 177 companies announced their financial positions for the first half of 2015, where 135 companies achieved profits with about LE 14.5 Billion, while 39 companies achieved losses amounted to LE 570 Million, compared with about 147 companies achieved  profits during the same period last year worth to LE 12.4 Billion, while 27 companies recorded losses with about 544 Million pounds during the same period of the previous year.
 
Which means that the net profits of companies during the first half of 2015 has jumped to about LE 14 Billion compared to LE 11.9 Billion during the first half of 2014, with an increase of almost 17% and more than LE 2 Billion. From his part, Dr. Mohammad Omran, EGX chairman pointed out that the listed companies earnings reflect the financial situation’ improvement enjoyed by them.

 On the other hand Dr. Omran praised the amendment of the Income Tax law, noting that the maximum income limit’ tax reduction eases the burden on companies and helps to improve their financial conditions which benefit the investment climate in general. Dr. Omran said that postponing the capital tax decision is another positive step to end the dispute about this tax, which was issued several months ago.

 The republic  president had yesterday approved the income tax law’ amendments through which the maximum  income tax limit was reduced to 22.5% instead of 25%, which will help greatly to increase listed companies’ profits, furthermore the amendments to terminate collecting the capital gains tax on foreigners were approved, where the government has announced its postponement for 2 years.

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