Egypt's Minister of Finance, Hany Qadry (Photo: Al-Ahram)
Egypt's property owners will be entitled to 60 days of appeal once they receive notifications of their property valuations and the amount of tax due, Finance Minister Hany Qadry Demian said in a statement released on Sunday.
Last week, President Abdel-Fattah El-Sisi ratified amendments to a property tax law which will go into effect retroactively from July 2013.
The law stipulates that private accommodations with an annual rent value above LE24,000 will be taxed. Also, commercial stores with an annual rent value above LE1,200.
The maximum limit on raising a property's valuation is 30 percent every five years for property used for private accommodation and 45 percent for all other properties.
Property taxes will be collected twice a year in January and in July through local property tax bureaus.
Buildings located on agricultural land – and thus already subjected to agricultural land taxes – will be exempted from property tax so as to avoid double taxation, Tarek Farrag, consultant to the finance minister, said in the statement.
Demian is currently conducting a series of meetings with the relevant ministers to set taxes for commercial, industrial and touristic properties.
Amendments in the property tax law specify that taxes for mines, industrial and touristic buildings, airports and ports should be agreed upon between the finance minister and relevant ministers within three months.