(Home Overseas Property News)

A new property tax for commercial and residential Property in Egypt will be introduced in January next year, according to an Al Arabiya TV report, quoting a senior offic...

(Home Overseas Property News) A new property tax for commercial and residential Property in Egypt will be introduced in January next year, according to an Al Arabiya TV report, quoting a senior official. Tarek Farag, head of Egypt's Real Estate Tax Authority, said that Egypt properties valued at 1 million Egyptian pounds (£109,000) will be taxed a small tax of just under 1%, while homes valued at £45,000 or less will be exempt from the tax. “The taxes will be paid in two installments; the first by June 30, and the second before the end of the year,” he told Al Arabiya television. The new tax system is part of a wider government's plan to reform the economy and modernize the taxation system, according to Finance Minister Youssef Boutros-Ghali as saying. Owners of homes in Egypt will be permitted to appeal taxes imposed against their properties within sixty days of the valuation and it will be revalued within 30 days, Farag added.