“95 percent of residential units are exempt from taxes,” reads the headline of state-owned newspaper, Al-Ahram. LE30 million is the total expected to be collected from the 6th of October and Sheikh Zaied governorates, according to Youssef Botros Ghali, Minster of Finance. Homes rented for LE6000 annually or less are exempted from taxes. Ghali asserts that this law, wherein the property tax class has been reduced from 40 percent to 10 percent, has succeeded in solving the pitfalls in the old real estate tax law.
The independent paper Al-Shorouk reports that only 83 percent of those residential units are exempted from taxes. Al-Shorouk quotes the head of the tax department, Tarek Farag, who explains that taxes won't be counted only according to the area of the residence, but according to other factors like water and electricity usage. This issue of residential taxes was newly introduced this year, when Egyptians were supposed to provide information on any properties they own or rent which are worth more than LE500,000, even if unoccupied.
Source: Al Masry Al Youm
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, Luxor, Aswan, Cairo, Alexandria and all over Egypt.
© 2005 - 2012 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."
