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Egypt is discussing a law to facilitate the establishment of real estate funds in the country, the Vice Chairman of Egyptian Financial Supervisory Authority (EFSA) said.
Islam Azzam said the draft law, which incorporates important clauses addressing the process-related obstacles to establishing real estate investment funds, will be presented to the House of Representatives.
He said the biggest disincentive is the high tax rates imposed on such funds.
He added FSA is engaged in negotiations with the Ministry of Finance to work out a package of tax incentives for real estate investment funds.
During his speech at the 6th Real Estate Debate 2022 conference, which was organised by Al Mal GTM, Azzam said an enabling tax regime is needed to encourage the development of real estate funds sector in Egypt.
(Writing by Eman Hamed; Editing by Anoop Menon)
