Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    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    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    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    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    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.



New unified construction law to be raised to People's Assembly within two months
Published in Daily News Egypt on 01 - 02 - 2007

El Maghrabi: legislation amendments will solve 85 percent of investor problems
CAIRO: A final draft of the new unified construction law is now being prepared for presentation to the People s Assembly within the next two months, Minister of Housing and Population (MHP) Ahmed El Maghrabi said Wednesday.
The long-awaited legislation, expected to cut down on burdensome procedures required for building construction, will solve 85 percent of problems facing investors, El Maghrabi added. MHP is yet to releasedetails of its amendments to the old law, but has hinted reforms will fall inline with measures already taken by other ministries to reduce time and money required to obtain registration, building permits and clearances, and utilities.
Speaking at a mortgage finance seminar Wednesday night, Minister of Investment (MOI) Mahmoud Moheiddin said the new law will focus on reducing the number of government offices investors must deal with to earn legal standing for their properties and speeding up land acquisition procedures for the purposes of investment.
The current construction law requires the approval of about 20 government offices, some of which are only located in Cairo, including agricultural, archaeological, environmental, military and civil defense authorities.
According to the Industrial Development Authority (IDA), a MOI-affiliate, business registration and licensing procedures, including property registration and acquisition of building permits, used to require an average of 277 days and six steps for completion.
In 2006, IDA Chairman Amr Asal says the organization lowered the numbers to 135 days and four steps and is now working toward 45 days and three steps.
The new construction law is expected to mark the second major reform in the construction sector to be implemented by the government in 2007. In January, MOI and the Ministry of Finance (MOF) finalized Anew law lowering property taxes from 46 percent to 10 percent of the rental value of a property for presentation to the People s Assembly for ratification in Q1 2007.
The property tax law proposes a flat annual tax on all properties including the registered and unregistered limited-income housing communities. It does not, however, eliminate partial exemptions currently applicable to limited-income housing and all units with a rental value of less than LE 150 per month. More than 80 percent of properties in Egypt are unregistered, according to MOF figures.


Clic here to read the story from its source.