Egypt is to introduce a tax on real estate as part of the government’s reform of the economy, Finance Minister Youssef Boutros-Ghali has said.
Local newspaper, Al Alam al Youm, quoted Boutros-Ghali as saying that the tax will affect both businesses and individuals and will levy a tax as high as EGP660 (USD118) annually on buildings worth EGP1m or more, while those worth less than EGP450,000 will be exempt from the tax.
Boutros-Ghali has called upon businesses and individuals to submit valuations by end-2009, disclosing that re-valuations will be carried out on a five-yearly basis. Submitted valuations will be scrutinized at government level based on several criteria including location, quality of construction, and facilities including the quality of nearby health and education establishments.
According to Boutros-Ghali, businesses that own industrial property will be able to offset their property tax payments against their corporation tax liability at the end of the tax year.
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