Egypt starts applying property taxes law

Friday 19-09-2014 05:03 PM
Egypt starts applying property taxes law

Dimian talks during a news conference in Cairo March 12, 2014. REUTERS/Mohamed Abd El Ghany

By

CAIRO, Sept 19 (Aswat Masriya) - Egypt has started applying the new property tax law, which was amended by President Abdel Fattah al-Sisi in August.

The Real Estate Tax Authority sent 1.5 million notices of due estate taxes on residential and non-residential units across the country, Finance Minister Hani Qadri said in a statement on Friday.

Qadri issued instruction to government officials to take all necessary measures to facilitate dealing with the public and resolve any problems that could arise from applying the new taxation system.

The law exempts private residence of a market value that is less than two million Egyptian pounds.

The real estate property tax was supposed to be implemented since 2010, but it has been postponed several times.

The Finance ministry said that 60 committees will be formed to look into any appeals by real estate owners on the estimate of their taxes.

facebook comments