The Ministry of Finance has decided to reevaluate the draft tax law on real estate prior to its review by the People’s Assembly.

Head of the Egyptian Tax Authority Ashraf al Araby has reiterated that...

The Ministry of Finance has decided to reevaluate the draft tax law on real estate prior to its review by the People’s Assembly. Head of the Egyptian Tax Authority Ashraf al Araby has reiterated that the Ministry has received a number of comments with regards to the current law.  He said that Minister of Finance Dr. Ghali has insisted that the law must cave in to diverse opinions. Al Araby said that the new law aims at fostering a number of basic principles including fair treatment, unification of tax rate, expanding the tax base, rationing exemptions while note the social, economic and humane perspective of the tax payers and expanding state revenues. Al Araby noted objections on the current law has been based on the manner of listing, evaluation of real estate and the manner of which the evaluation has been linked to the human element with no clear and defined regulations. (source :Al-gomhoria)