Head of the Real Estate Tax Authority has announced that the new real estate tax law will raise the exemption level from 18 pounds in the new law to 600 pounds in addition to lowering the tax rate fro...

Head of the Real Estate Tax Authority has announced that the new real estate tax law will raise the exemption level from 18 pounds in the new law to 600 pounds in addition to lowering the tax rate from 46% to 10% or 15% with an offer of 20% exemption on tax due maintenance. The head of the Real Estate authority added that the number of buildings and current estate is worth to 25 million pounds on which a quarter of the due tax is payable. Abdel Rassoul said that the growing construction sites is tax exempt and a mere 25% of the current buildings in Egyptian cities is taxable.  The real estate tax chief noted that the new law offers exemptions to sporadic areas, cemeteries, new leases, worship sites and buildings owned by charity organizations. At a symposium on real tax reform and boosting resources organized by a center on economic and financial studies at the faculty of economics under the chairmanship of Dr. Alia al Mahdy, Dr. Abdel Rassoul said that the new law divides the real estate into sectors and each zone contains ranks that reflect the level of construction and service that reach the building. Abdel Rassoul noted that the level of service determines the leasing value. (source :Al-ahram)