Homeowners may be in for a property tax cut: The House’s Planning and Budget Committee approved in principle a government-drafted bill amending the Property Tax Law. The amendments push the annual rental value exemption threshold to EGP 100k (equivalent to an EGP 8 mn market value) for units used as primary private residences, according to a copy of the draft seen by EnterpriseAM.

This is double the exemption threshold the Finance Ministry had initially proposed, but in line with the Senate’s recommendation. The current law sets the exemption threshold at a net annual rental value of EGP 24k or less.

There’s more to come: Finance Minister Ahmed Kouchouk approved additional committee-proposed amendments to the draft law that introduce a property tax deduction for taxpayers who pay on account and ensure that any overpaid amounts are refunded. The bill also expands the pool of beneficiaries by waiving late-payment penalties retroactively for those who filed their taxes before the law’s enactment, while doubling the grace period from three to six months.

AND- New ID criteria for hotels and residential compounds are in the works. Under the draft amendments, companies running hospitality facilities, and homeowners’ associations — or whoever effectively performs their role — are required to submit a statement to the relevant real estate tax office listing the names of owners (or beneficiaries with rights of usufruct or exploitation), their national ID numbers, addresses, and any additional data set out in the executive regulations.

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