New Property Tax Law in Egypt Makes eery body worry about but when they read they find its not that bad to be afried of that

translation of teh new law coming soon

Red Sea Way

Opposition and independent deputies singled out for criticism a new law imposing a tax on domestic property valued at LE500,000 or more. Apartments valued between LE500,000 and LE1 million will be taxed between LE30 and LE660 annually. The tax will be reviewed every five years.

Red Sea Way

New regulations governing property tax, approved by Shura Council on Tuesday10 June 2008 , impose a levy on domestic property valued at LE450,000 or more. Apartments valued between LE450,000 and LE500,000 will be axed at the rate of LE7 a month, and those worth more than LE500,000 at LE13 a month. Minister of Finance Youssef Ghali told MPs that the new tax is part of the government's ongoing attempt to harness new sources of income to cover soaring costs. Both opposition and NDP deputies have warned that the new tax further burdens families whose budgets are already overstretched by the skyrocketing prices of food and fuel. The assembly's economic agenda also includes two bills that aim to toughen penalties for money laundering and curtail monopolistic practices.

Red Sea Way

Hi all

Please read this article Daily News Egypt - Full Article

Hi Queenie

actually i 'm going to put here the table with value rate of the property and how much the owners have to pay each year

Regars
Red Sea Way

Thanks Redseaway. Please bear in mind copyright - you may have to put the link to the site if you do not have the owners permission to post the info.

I just had to delete your last post due to copyright Im afraid.

HI Queenie

but sometimes the links doesn't open
any way i'll translate by myself with the table which coming from the Ministry of Egyptian national economy then i'll send here

thanks any way
Regards
Red Sea way

hi - a naive question - but would non residents have to pay this if their property is not registered ?

Good question??? I would assume yes but prob wrong lol. Maybe someone else can answer or we can just wait for more updats??

Hi John

yes has to pay the property tax even if the property is not registered
because the artical no 2 in the law says that will pay the tax who own or use a built property and has to matuer on January from each year

Redgars
Red Sea way
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