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Egypt Collects Property Tax Under Revised Law

Lorys Charalambous, Tax-News.com, Cyprus

27 March 2015


The Egyptian Government has sent out assessments and exemption forms under new property tax legislation.

Revised legislation, which was approved in August 2014, applies property tax to the value of each unit, rather than on the basis of an individual or company's entire property portfolio, enabling exemptions for less valuable property.

Under the revised law, residential properties worth up to EGP2m (USD262,000) are exempt from the tax. 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 used for a social purpose, including as hospitals, educational institutions, and the headquarters of non-Government organizations or political parties.

The Ministry of Finance confirmed that a total of 8.1m provisional assessments and 2m exemption forms have been issued. The levy is intended to support local authorities and fund social projects, education, and health care.

TAGS: Finance | tax | investment | real-estate investment | property tax | real-estate | education | Egypt | tax reform

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