Property sales tax meant to counter evasion: Minister

A bill on real estate taxes that has recently been approved in principle by parliament is meant to counter tax evasion, says Finance Minister Mohamed Maait.

Taxes on real estate sales won’t in any way affect the limited income brackets or poor, he said in statements Tuesday.

Under the bill, both the seller and buyer will be obliged to pay 2.5 percent of the value of the property in taxes to the State, according to adviser to the finance minister Fat’hi Shaaban.

Both should pay the tax within 30 days from the selling date, Shaaban noted.

The bill has nothing to do with an inheritance tax that had already been cancelled by law, he assured.