EHA launches national telemedicine platform with support from Egyptian doctors abroad    Madbouly reviews strategy to localize pharmaceutical industry, ensure drug supply    Egypt's real estate market faces resale slowdown amid payment pressures    Al-Mashat tells S&P that Egypt working to reduce external debt, empower private sector    Cairo's real estate market shows resilient growth as economy stabilizes: JLL    Egypt inks $121m oil, gas exploration deals with Apache, Dragon Oil, Prenco    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt renews call for Middle East free of nuclear weapons، ahead of IAEA conference    Egypt's EDA, Korean pharma firms explore investment opportunities    Egypt's FM heads to Doha for talks on Israel escalation    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tourism Ministry Refuses Tax For Historical Hotels Based On Market Value
Amwal Al Ghad Published in Amwal Al Ghad on 05 - 02 - 2015

The Ministry of Finance rejected a Ministry of Tourism request to calculate real estate tax for Cairo and Alexandria hotels according to substitutability value, according to a Ministry of Tourism official.
The official said that the Ministry of Finance will apply real estate tax on hotels in all tourist areas according to the market value starting from July 2014. However, there is disagreement on the criteria used for Cairo and Alexandria hotels.
Greater Cairo has 30,000 rooms, while Alexandria has 3,500, according to the ministry.
"It was agreed that only building areas would be calculated, out of the total area of the project in order to determine estate tax for hotels and resorts overlooking beaches," according to the official.
The official added that hotel buildings in Cairo and Alexandria make up for all lands and that a large percentage of these hotels are historical.
The official estimates the estate tax from tourism sector to range between EGP 1bn and 1.2bn annually, hoping it would be postponed until recovery, at least by the end of this year.
According to the official, the ministry will demand excluding the historical hotels in all areas from tax according to their market value.
"I am not against taxes since the government has the right to impose them on all economic activities. However, this depends on tax justice," said Soha El-Torgoman, Egyptian Chamber of Hotels member. "The sector is subject to more than 30 types of fees and taxes under very difficult circumstances."
El-Torgoman believes the sector is burdened with a lot of financial commitments and cannot develop under these burdens.
Elhamy El-Zayat, Head of the Egyptian Federation of Chambers of Tourism, estimated that estate tax imposed on Cairo historical hotels will be raised by not less than 200%. El-Zayat added that the Marriot Hotel overlooks the Nile, and will end up paying EGP 6m, instead of EGP 600,000.
According to El-Zayat, the state has to support the sector not hamper it. "It is said that the sector is recovering, but is EGP 7.5bn income, by the end of last year, instead of EGP 12.5bn in 2010 considered a recovery? The comparison reveals a huge income drop."
Source: Daily News Egypt

Clic here to read the story from its source.