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Tuesday, 16 October 2018

Egypt finance ministry extends deadline for payment of real estate tax

Ahram Online , Thursday 9 Aug 2018
Mohamed Maait
Minister of Finance Mohamed Maait (Photo: Ahram Arabic news website)
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Egypt's Minister of Finance Mohamed Maeet has extended the deadline for the payment of real estate taxes without late fees until 15 October, a statement by the ministry announced on Thursday.

The ministry warned that this would be the only extension of a deadline that was set to expire on 15 August, saying fines for delays will be imposed on those who fail to meet it.

It added that the deadline extension is to alleviate crowding at the ministry's tax payment departments.

Minister of Finance Mohamed Maeet said earlier this week that real estate tax law has been in effect since 2013 and that the government aims to use the revenues to improve local developments, fix the sewage system, and offer affordable housing.

According to the website of the ministry's real estate tax authority, property owners, but not tenants, must pay the tax on any non-empty land. The tax amounts to 10 percent of the annual rental value of the property, after deducting 30 percent in expenses for personal housing and 32 percent for non-personal housing.

Private houses priced below EGP 2 million (approx $110,000) as well as commercial and administrative units whose annual rent is estimated below EGP 1,200 (approx $67) are exempt.

Tax evaders will be fined between EGP 1,000 and 5,000 (approx. $55 - $280) and are required to pay the equivalent of the tax in compensation.

Violators, including those who submit fake documents or abstain from submitting necessary exemption documents, will be fined between EGP 200 and 2,000 (approx $11-$112).

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