New Property Tax Law

Discussion in 'Egypt property' started by Red Sea Way, Jun 30, 2008.

  1. Red Sea Way

    Red Sea Way New Member

    New Property Tax Law in Egypt Makes eery body worry about but when they read they find its not that bad to be afried of that

    translation of teh new law coming soon

    Red Sea Way
     
  2. Red Sea Way

    Red Sea Way New Member

    Opposition and independent deputies singled out for criticism a new law imposing a tax on domestic property valued at LE500,000 or more. Apartments valued between LE500,000 and LE1 million will be taxed between LE30 and LE660 annually. The tax will be reviewed every five years.

    Red Sea Way
     
  3. Red Sea Way

    Red Sea Way New Member

    New regulations governing property tax, approved by Shura Council on Tuesday10 June 2008 , impose a levy on domestic property valued at LE450,000 or more. Apartments valued between LE450,000 and LE500,000 will be axed at the rate of LE7 a month, and those worth more than LE500,000 at LE13 a month. Minister of Finance Youssef Ghali told MPs that the new tax is part of the government's ongoing attempt to harness new sources of income to cover soaring costs. Both opposition and NDP deputies have warned that the new tax further burdens families whose budgets are already overstretched by the skyrocketing prices of food and fuel. The assembly's economic agenda also includes two bills that aim to toughen penalties for money laundering and curtail monopolistic practices.

    Red Sea Way
     
  4. queenie40something

    queenie40something Senior Member

  5. Red Sea Way

    Red Sea Way New Member

    Hi Queenie

    actually i 'm going to put here the table with value rate of the property and how much the owners have to pay each year

    Regars
    Red Sea Way
     
    Last edited: Jun 30, 2008
  6. queenie40something

    queenie40something Senior Member

    Thanks Redseaway. Please bear in mind copyright - you may have to put the link to the site if you do not have the owners permission to post the info.

    I just had to delete your last post due to copyright Im afraid.
     
  7. Red Sea Way

    Red Sea Way New Member

    HI Queenie

    but sometimes the links doesn't open
    any way i'll translate by myself with the table which coming from the Ministry of Egyptian national economy then i'll send here

    thanks any way
    Regards
    Red Sea way
     
  8. johnwayne

    johnwayne Banned

    hi - a naive question - but would non residents have to pay this if their property is not registered ?
     
  9. queenie40something

    queenie40something Senior Member

    Good question??? I would assume yes but prob wrong lol. Maybe someone else can answer or we can just wait for more updats??
     
  10. Red Sea Way

    Red Sea Way New Member

    Hi John

    yes has to pay the property tax even if the property is not registered
    because the artical no 2 in the law says that will pay the tax who own or use a built property and has to matuer on January from each year

    Redgars
    Red Sea way
    redseaheaven@gmail.com
     
  11. Red Sea Way

    Red Sea Way New Member

    Property Value

    In L.E Taxes5 to be paid yearly

    in Egyptian Pound

    600000
    156

    700000
    282





    800000
    498

    900000
    534

    1000000
    660

    1500000
    1290

    2000000
    1920

    3000000
    3180





    4000000
    4440

    5000000
    5700

    7000000
    8220

    9000000
    10740

    11000000
    13260

    13000000
    15780

    15000000
    18300

    Regards
    Red Sea Way
    mohammedabdullah5@gmail.com
     
  12. queenie40something

    queenie40something Senior Member

    Thanks Red - so the 1st figure is the value of the property in LE and the 2nd figure is the tax to be paid in LE on that property. How does the government know how much your property is worth?
     
  13. queenie40something

    queenie40something Senior Member

    Hi Red - another question - does this apply to property in Sinai and it states a levy of 10% of the rental value. Does this mean you still pay the property tax and if you rent you then pay an extra 10% of the rental value on top of the property tax as well??

    Thanks

    Alison
     
  14. queenie40something

    queenie40something Senior Member

    Has anyone got more information on this yet??
     
  15. Red Sea Way

    Red Sea Way New Member


    The Egyptian government will create a committee in each governrate in A.R.E and they will put the price at the market in that moment then they will take the taxs after they will compare with the prices above

    Regards
    Red Sea Way
     
  16. Red Sea Way

    Red Sea Way New Member

    Dear Ali

    I can Say Simply Yes

    Regards
    Red Sea Way
     
  17. dave99

    dave99 New Member

    How will this work

    How can this work if there in no official record of who owns an apartment if it is not registered. This is the main reason Egyptians do not register since it keeps them from being "known" as property owners.
     
  18. Zeiad Yehia

    Zeiad Yehia New Member

    Dear All,

    When it comes to Property Tax "new law" please be informed that it applies only on properties which exceed EGP 400,000.00 in value, and is estimated as 14% of the average rental income per annum.

    Where is the legal thread by the way?!!

    All the best,

    Zeiad Yehia
    Solicitor
     
  19. dave99

    dave99 New Member

    Who / How to decide rental income

    How will the rental income be estimated, and who will do it.

    How will the local government even know about the property if it is not registered.

    How will anyone know how the property cost to decide if it above the threshold for value (400,000 EGP).
    .
     
  20. queenie40something

    queenie40something Senior Member

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