Egypt - Real estate tax is a stable tax and generates income for the state estimated at about EGP 7 billion annually, Egypttoday cited Minister of Finance Mohamed Maait.

Maait added that the real estate tax is one of the oldest types of taxes in the legislative system, noting that it is a tax imposed when real estate is disposed of by sale, and the burden of which is borne by the seller, not the buyer.

He further noted that there is another tax imposed on real estate investment of up to 25%, and that the title is the basis for the tax collection process.

Regarding the basis on which the real estate tax was estimated at 2.5%, Maait explained that the beginning of this tax was 5% and was reduced in the 1990s to 2.5%.

He noted that there is a philosophy and thought that governs these matters, and all aspects of its application are studied from the legal and constitutional point of view.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.