CAIRO: President Mubarak said on Sunday that the property tax law is not finalized yet, and that he is "thinking of ways to render the implementation gradual."
Reham ElDesoki, senior economist at Beltone Financial, considered that the president's comments may have resulted from extensive media coverage and protestations from members of parliament regarding the law.
She explained that some critics demand that each taxpayer be permitted to exempt their place of residence from the tax. Businesses, on the other hand, have declared that Egypt's economic condition is still too volatile, following the global economic crisis, and that the tax should not be levied until greater economic stability has returned.
"Although the law will generate revenues, it's not a big payment compared to the property's market value," she said. The annual tax on property that is worth LE 500,000 will be LE 30, while the annual tax on property that is valued at LE 1 million will be LE 660.
Source: www.zawya.com
As the platform real estate investment search site, Lincom Real Estate Jsc. is a fully integrated real estate investment, recognized in Egypt by industry leaders as the leading real estate network in Egypt known for providing the fastest and best services for those who are interested in Real Estate investment projects and property services. Our extensive list of investment opportunities and properties including apartment, villa, plot of land, building, hotel or new development for sale enables you to search and browse unique properties from across Hurghada, El Gouna, Sahl Hasheesh, Marsa Alam, Sharm El Sheikh, Red Sea Coast and all over Egypt.
© 2005 - 2009 Lincom Real Estate Jsc. All rights reserved.
WARNING: Holding a registration no. 000709, all the information, materials, design and organization of LincomRealEstate.com as an asset of Lincom Real Estate JSC is protected by worldwide copyrights. It’s not allowed to copy, print, republish, modify or use otherwise a legal action will be taken.
"LincomRealEstate.com is designed and structured by Lincom Real Estate."
