In Photos: Egyptian archaeological mission at Saqqara Necropolis announces new major discoveries    Rare conviction of South Sudan soldiers for rape raises hope    Bahrain's Bank ABC completes $480m acquisition of Blom Bank Egypt    14.7% increase in health expenditures during H1 of FY 2020/21: Maait    Egypt reports 879 new coronavirus cases, 52 deaths on Friday    Talaat Moustafa Group's subsidiary gets approval to develop 5k feddans in Capital Gardens City    LIVE: Egypt v North Macedonia (2021 World Handball Championship)    Uganda's Museveni holds commanding election lead, rival alleges fraud    Ferguson says management all about results, backs Rooney to succeed at Derby    State revenues expected to drop by EGP 150 bln in FY 2020/21 owing to coronavirus    Tennis: Australian Open arrivals hit by 2 COVID positive tests    Retired doctors and more syringes: Biden lays out plan to get America vaccinated    ‘This is not a game': Global virus death toll hits 2 million    Merkel pushes for centrist as party picks new leader    Egypt's Sisi discusses bilateral ties, regional developments with Sudanese delegation    Egypt's Mostaqbal Watan party dominates the leading posts of parliament's 25 committees    Egypt's budget deficit to GDP ratio receded to 3.6% in first half of FY2020/21, revenues rose by 16%    Mubarak-era politician Safwat El-Sherif dies aged 88    Handball: Egypt ease past Chile 35-29 in World Championship opener    Egypt's president, Siemens CEO discuss final deal on construction of electric train system    Hollywood actor Mena Massoud visits Giza pyramids, says is proud of Egyptian culture    Egypt confirms 970 new coronavirus cases, 55 deaths on Tuesday    EgyptAir to operate daily flight to Doha after lifting airspace ban on Qatar    Pound shielded from Covid-19    Egypt reopens airspace and resumes flights with Qatar    Egypt, Tunisia to establish maritime trade route    TVs were high in demand during 2020 on COVID-19 lock down: Samsung    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

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

Real estate tax participates in improving services provided to citizens: Real Estate Investment Division member
Published in Daily News Egypt on 27 - 08 - 2018

Alaa Fekry, member of the Board of Directors of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) said that applying the real estate tax on units exceeding EGP 2m under specific conditions is a good and balanced tool to increase state resources without harming low and middle-income citizens.
Fekry added that the development of resources in a proper manner ensures access to the target by the state to improve services to citizens of various segments, as well as increasing investments automatically and raising the standard of living of poor people.
Head of Egyptian Real Estate Taxation Authority Samia Hussein said that 25% of the proceeds of real estate taxes will be allocated to slums and informal areas and 25% to the development of localities.
Hussein explained that real estate tax has a ceiling of no more than 30% for housing units for the period of assessment, which is stipulated by the law to be at least five years.
The real estate tax revenues increased during the fiscal year (FY) 2017/2018 to EGP 3bn compared to EGP 1.992bn during FY 2016/2017 and EGP1.1bn in FY 2015/2016 and EGP 469m during FY 2014/2015, according to Hussein.
Furthermore, she added that in the current FY, the Ministry of Finance aims to bring the total real estate tax revenues to reach EGP 5.4bn, an increase of 55% from the previous FY.
She explained that the authority has completed the inventory of 27.79m units, in addition to 18,847 industrial establishments.

Clic here to read the story from its source.