Egypt will, reportedly, refund taxes collected from Qatar National Bank’s acquisition of National Societe Generale Bank to the Qatari lender’s shareholders.
The clearing company will, reportedly, be returning approximately US$1.5 million total in taxes from the NSGB shareholders.
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The announcement of the refund came after Egypt cancelled a tax on stock market dividends and share gains in takeover bids.
QNB, one of the most acquisitive Gulf Arab lenders, is 50% owned by the Qatar Investment Authority, a sovereign wealth fund that has led the bulk of gas-rich Qatar’s international acquisitions in recent years.
In March 2013, The thennewly-installed post Mubarak Egyptian government had imposed a 10% nationalized tax on investment gains from the takeover by QNB of NSGB, much to the dismay of foreign investors in the transaction. NSGB is Egypt’s second-largest private sector bank by market value.
Investors in Egypt’s struggling equity market had protested the tax plans, which were unveiled in December 2012 as part of austerity measures to control a rising budget deficit.
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