Govt. issues legal amendment to property taxes
The Cabinet approved on Monday a presidential draft decree to amend certain articles in the laws regulating taxes on property, state-owned EgyNews reported.
The new amendments would only impose taxation on housing properties with rent worth more than LE24,000 per year, while taxation on commercial properties would be imposed on those with rent worth more than LE1,200 per year.
The law would also stipulate the forming of evaluation committees to examine the rent value of properties, with regards to their geographical location, facilities, and building quality.
Property owners would be able to submit appeals against the decisions of the evaluation committees.
The decision follows a similar decree by the Cabinet to impose a 10 percent capital gains tax and dividend tax, causing a wave of criticism among stock market investors.
The dividends tax would be set at five percent for people who have owned 25 percent of a company for more than two years, and 10 percent for others.
أخبار ذات صلة
Land-for-dollars Beit al-Watan scheme marred by profiteering, leaving diaspora applicants empty-handed
Analysts warn the dollar-based land sales are pushing prices higher and limiting housing options
Leftist parties, tenants call on Sisi to block old rent law
Leftist parties and tenant groups have launched a petition to call on President Abdel Fattah al-Sisi to block the new old rent…
House approves tax exemptions for UAE sovereign fund
To pave the way for more Emirati investments and secure the capital return on those already made in Egypt, the House of…
MPs baulk at prospect of ‘social unrest’ as plan to end rent control for millions sparks anger
A new government proposal to phase out Egypt’s outdated rent control laws sparked heated debate inside the House of Representatives and beyond…
Your support is the only way to ensure independent, progressive journalism survives.
You have a right to access accurate information, be stimulated by innovative and nuanced reporting, and be moved by compelling storytelling. Subscribe now to become part of the growing community of members who help us maintain our editorial independence.
Join us