21 July 2012
Egypt's new real estate tax is to go into effect starting January 2013, said Finance Minister Momtaz El-Said this week. The heavily criticised law was originally issued under the regime of Hosni Mubarak. According to El-Said, the law has been amended to overcome many of the problems of the original draft. After modification, the law exempts a person's home from the tax. It also states that 25 per cent of the tax receipts will be routed to developing slum areas. El-Said estimates that the total annual revenue of the tax will reach LE2 billion.
Egypt's new real estate tax is to go into effect starting January 2013, said Finance Minister Momtaz El-Said this week. The heavily criticised law was originally issued under the regime of Hosni Mubarak. According to El-Said, the law has been amended to overcome many of the problems of the original draft. After modification, the law exempts a person's home from the tax. It also states that 25 per cent of the tax receipts will be routed to developing slum areas. El-Said estimates that the total annual revenue of the tax will reach LE2 billion.
© Al Ahram Weekly 2012
