9 million real estate tax declarations received

The Egyptian Tax Authority has thus far received some nine million declarations under the new real estate tax system and expects to reach the targeted number of declarations before its March deadline, said finance minstry advisor Alaa Samaha.

Samaha said the declarations would give an accurate estimate of all real estate assets in Egypt, which he projected to be at least 15 percent more than what the Central Agency for Public Mobilization and Statistics estimated in 2006. "I think there are about 30 million registered housing units in Egypt," he said.

Samaha explained that the finance minister has formed 20 committees to conduct property estimates in the new suburbs, which had previously been tax-exempt. "It is no longer feasible to exempt new satellite cities from taxes, considering the luxurious villas you see there," he said. "The State Council has also approved imposing tax on these areas."

Samaha affirmed that owners of housing units with old rents will be exempted from the tax.

Translated from the Arabic Edition.

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