Prime Minister’s statement on suspending real estate taxes concerns the relevant new law which has not been put into force so far

New bill to be designed to remedy deficiencies of suspended real estate tax law

Finance Minister urges cooperation with real estate employees in collecting state dues

Egyptian Finance Minister, Dr. Samir Radwan, asserted that Property Return Law 56 of 1945 is still in force; so is the tax system applied to entertainment establishments and agricultural lands with no changes.

The prime minister’s statement about the suspension of real estate taxes applies to Tax Law 196 of 2008 concerning buildings, which has not been applied so far.

A new legislation is now being formulated to update the Property Return Law and rectify the shortcomings of the new Real Estate Law which is now suspended.

In addition, Dr. Radwan urged tax-payers to collaborate with the Real Estate employees in collecting state dues in these difficult times.