Egypt: Can someone explain in detail the property tax that was approved recently?
I read news about different,,,, when will it be applied? How be? sohow much tax, year, be paid in a villa for £ 5m? Does anyone know ???????????
Hello Zoser, the new real estate law continues to change with the new additions of the Parliament the last of which is to increase the exemption threshold of LE 250 K to 500 K LE, also exempt units with a rental value less than LE 6k per year, which means about LE 500 per month. All units will be taxed subject to a tax of 10 percent (versus 12%) which were further reduced after deducting the 30 percent maintenance costs. The payment also in relation with the new amendments could be divided into two installments at the beginning and middle of the year and according to the news which will begin next year on all real estate more of that amount …… (All properties in places like the North Coast and Sokhna, Hurghada and Sharm …) and all new seats on 6 October and the 10th of Ramadan, and so on. The thing is, that the value of these properties, cos most of them were bought years ago with a much smaller value than at present and in agreement with the booming housing market, most of all housing and real estate are close, if not much more above that amount. Please read these links for additional information.: Http://dailystaregypt.com/article.aspx?ArticleID=14514 http://www.dailystaregypt.com/article. aspx? ArticleID = 12,020
Strike Of 55 thousand Real Estate Tax Authorityin Egypt
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