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Egypt Amends Property Tax

by Lorys Charalambous,, Cyprus

25 August 2014

Egypt has amended its property tax law, introducing new exemptions and removing a provision by which an individual was taxed on the total amount of residential property they owned, rather than on the value of each unit.

Residential properties worth up to EGP2m (USD280,000) are exempt from the tax, and the move will benefit owners whose total property portfolios are higher than this threshold.

The amendment further introduces a cap on revaluations, of 30 percent for residential properties and of 45 percent in other cases. Properties will be valued every five years by local committees consisting of tax officials and property-owners.

Exemptions also apply to residential properties with an annual rental value of less than EGP24,000, to commercial units with annual rental values of less than EGP1,200, and to buildings with a social purpose, such as hospitals, educational institutions, and the headquarters of NGOs or political parties.

The tax will be applied retroactively, from July 2013.

TAGS: tax | property tax | real-estate | tax authority | legislation | Egypt | tax reform | legislation amendments

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