Real Estate Tax Authority: New tax legislation solve 90% of problems
Mr. Anwar Fawzy; head of RTA, said that there are problems concerning real estate taxes facing companies in various fields. He pointed out that there is a set of new tax legislation that is currently being discussed to be implemented soon.
This came during a meeting to discuss real estate tax problems facing industrial and commercial establishments, NGOs, the tax exemption law, and the applicable fines in case of not paying the due tax.
Mr. Anwar Fawzy explained that this new legislation being finalized will address 90% of the problems that exist currently. In addition, RTA is also making amendments to some of the existing legislation to keep up with the new changes in the working environment of the industrial and commercial sector.
In addition, Head of RTA suggested that monthly periodical meetings should be convened to solve the issues at hand first. This is to eliminate a large part of real-estate problems that face businessmen in the near future. He also discussed the issue of amusement tax mentioned in schedule 99 which represents 20%, assuring that the law includes all the games whatever the way of their usage or operation. In case new games are innovated, they would be added to the Law, added he.