For the first time since Egypt reinstated its Bourse in 1992, the cabinet of Prime Minister Hisham Qandil approved the implementation of a capital gains tax in the stock exchange, Finance minister Momtaz El-Said announced on Wednesday. The tax, which will amount to 10 per cent, will be levied only on the first transactions of any security in the secondary market after the initial public offering is made, El-Said told reporters at a press conference following the cabinet meeting. The 10 per cent levy will be implemented on corporations only and all individuals trading will be exempt. El-Said did not specify a date for the implementation of the tax, but told reuters that "the law has not yet been drafted, and will be approved by either the president or the parliament if it is formed."