Egypt will unlikely cancel its current real estate tax, the country’s finance minister aide said on Tuesday.
Mr. Tarek Farag – former Head of Egypt’s Real Estate Tax Authority and the finance minister’s adviser – has ruled out the possibility of canceling the real estate tax law due to the current political instability.
Mr. Farag further told Amwal Al Ghad that the new real estate tax law shall exempt the low-income citizens from paying the property tax dues and also organize the real estate wealth as well as fix the situation in the new urban communities.
The top official further asserted that brining the real estate tax law into effect will not have reverse impact on the low-and middle-income citizens.
Furthermore, he added that the real estate tax revenues are expected to reach EGP 3 billion within one year, for the new law aims to include the new urban communities, unlike the former tax law.
The real estate tax revenues shall be used in favor of developing the slums besides 25% are being allocated for various suburbs which suffer lack of services such as sanitation, Mr. Farag noted.