Post by Frahm on Aug 10, 2009 7:00:26 GMT 4
Egypt plans real estate taxes in '10
Aug 09, 2009
Egypt plans to introduce real estate taxes in January for all commercial and residential properties in the North African country, Al Arabiya TV reports Sunday, quoting a senior official.
Properties valued at 1 million Egyptian pounds ($180,831) will be taxed 660 pounds, while houses valued less than 450,000 punds will be exempted, said Tarek Farag, head of Egypt's Real Estate Tax Authority.
"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, al Alam al Youm daily cited Finance Minister Youssef Boutros-Ghali as saying.
Owners will be able to appeal taxes imposed against their properties within sixty days of the valuation and it will be revalued within 30 days, Farag said.