Egypt Tax Delay Means Rich Pay Less to Cut Deficit: IMF

The International Monetary Fund criticized Egypt’s decision to delay imposing capital gains tax on stocks because it means that the cost of shoring up public finances will be borne by “people who are less able to afford it.”

“We are disappointed that the capital gains tax has been postponed,” Chris Jarvis, the lender’s Egypt Mission Chief, said in an e-mailed response to questions. “This was a tax which raised needed revenue and which was fair.”