Parliament approves final amendment of real estate tax law
The House of Representatives approved in its plenary session on Sunday a final draft law submitted by the government on the amendment of some provisions of Law No. 196 of 2008 issuing a tax law on real estate. The amendment states that "the text of Article (1) of Article 9 of Law No. 196 of 2008 issuing the Tax Law on Built Property shall be replaced by the following text:" The bound tax shall be due to the first estimate as of July 1, 2013, and as of January 1 of each year, in accordance with the provisions of the law; this estimate to be continued until the end of December 2021." The amendment aims to give the Real Estate Tax Authority an opportunity during these two additional years to carry out the inventory of built-up properties subject to the provisions of this law, and to put the new five-year estimate for that value. In August, Minister of Finance Mohamed Ma’it inaugurated a new real estate tax building in Al-Tur City, South Sinai Governorate. Ma’it affirmed that this step comes within the framework of his ministry’s keenness to upgrade the Real Estate Tax Authority, improve its performance, complete the automation of the tax administration's work cycle, develop and train the employees and know the requirements, tools and mechanisms necessary for them to efficiently do their jobs