Egypt to collect foreigners' capital gains tax on each transaction

Egypt will collect capital gains tax from foreigners with each transaction, the country's finance minister Hany Dimian said in a television interview late on Saturday.

The interim government agreed to impose a new 10 percent capital gains tax on profits made on the stock market last week as part of its first phase of tax reforms which it expects to bring in 10 billion Egyptian pounds ($1.42 billion).