Egypt's real estate transaction tax achieves $44mln

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.