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Egypt to exempt dividends from tax

The head of Egypt's stock exchange, Mohamed Abdel Salam has said the dividends of listed companies will be exempted from new taxes proposed by the government in its 2011/12 budget, Reuters has reported. "We reached an agreement to exempt companies listed on the bourse from a tax on distributed profits. At this time we need confidence in the market and to reduce the burden on investors," Abdel Salam said.