{"id":543632,"date":"2022-02-10T03:53:22","date_gmt":"2022-02-10T03:53:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/"},"modified":"2022-02-10T03:53:22","modified_gmt":"2022-02-10T03:53:22","slug":"selling-your-house-could-soon-become-cheaper","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/","title":{"rendered":"Selling your house could soon become cheaper"},"content":{"rendered":"

<\/a> Another potential boon for homeowners:<\/strong> The House of Representatives\u2019 Planning and Budget Committee yesterday greenlit amendments to the Income Tax Act that would overhaul the property disposal tax<\/a> to reduce selling costs for home owners, according to Al Mal<\/a>. The bill would see property owners pay a lump sum tax ranging from EGP 1.5k-4k when they register real estate assets that were sold before the original law came into effect on 19 May, 2013. Properties sold after that date would continue being subject to the current 2.5% tax paid by sellers on properties\u2019 disposition or quick sale value.<\/p>\n

How is the new tax calculated? <\/strong>Sellers of properties worth up to EGP 250k will be taxed a lump sum of EGP 1.5k, while properties sold for between EGP 250k- 500k will be taxed EGP 2k. Property sales of EGP 500k-1 mn will be taxed EGP 3k, while properties costing more than EGP 1 mn will be taxed EGP 4k. This would put the disposal tax at less than 1% of the value of the property in all cases.<\/p>\n

This comes as part of a package of changes geared at encouraging more people to register their ownership contracts<\/strong> with the national property registry. The committee\u2019s approval comes a day after amendments to the Real Estate Registry Act that aim to simplify property registration procedures received preliminary approval<\/a> from the House.<\/p>\n

What\u2019s next for the bill: <\/strong>The bill will be up for further discussion by the wider House of Representatives. If it gets the final nod, it will be sent to President Abdel Fattah El Sisi to be signed into law. The amendments to the Real Estate Registry Act, meanwhile, will be discussed further in a few weeks\u2019 time before receiving final approval, Planning and Budget Committee head Fakhry Elfiky told Yahduth Fi Masr (watch, runtime: 5:51<\/a>).<\/p>\n

OTHER LEGISLATION NEWS<\/strong>: <\/strong>The House of Representatives approved in principle a draft law establishing th<\/strong>e Egyptian Health Council<\/strong> to regulate medical training and licensing, which got preliminary approval<\/a> last week, Youm7<\/a> reports.<\/p>\n

EDITOR'S NOTE- This story was updated on 10 February, 2022 to correct the tax on properties sold before the law's original issuance.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Another potential boon for homeowners: The House of Representatives\u2019 Planning and Budget Committee yesterday greenlit amendments to the Income Tax Act that would overhaul the property disposal tax to reduce selling costs for home owners, according to Al Mal. The bill would see property owners pay a lump sum tax ranging from EGP 1.5k-4k when […]<\/p>\n","protected":false},"author":1,"featured_media":543633,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,274,884,187,885,713],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-house-of-representatives","tag-income-tax-act","tag-legislation-watch","tag-planning-and-budget-committee","tag-real-estate-registry-act","wpautop","entry"],"acf":{"mongo_id":"936b4e1c-35fe-4e9f-9d1c-ae2da6a0f42e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/139.jpg","photo_position":"above","related_issue":[543624],"teaser":"","voice_url":""},"yoast_head":"\nSelling your house could soon become cheaper - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selling your house could soon become cheaper\" \/>\n<meta property=\"og:description\" content=\"Another potential boon for homeowners: The House of Representatives\u2019 Planning and Budget Committee yesterday greenlit amendments to the Income Tax Act that would overhaul the property disposal tax to reduce selling costs for home owners, according to Al Mal. 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Cabinet approved the amendments necessary to create the capital-raising tool in November after the Financial Regulatory\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543642,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/","url_meta":{"origin":543632,"position":1},"title":"Last Night\u2019s Talk Shows: How well do you know your property law?","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"Lessons on proposed property laws dominated the airwaves last night: Real Estate Registry Head Gamal Yacout laid out amendments to the Real Estate Registry Act meant to simplify property registration in an interview on Ala Mas\u2019ouleety (watch, runtime: 42:23). 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The proposal was approved\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560625,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/of-tax-breaks-and-loopholes\/","url_meta":{"origin":543632,"position":4},"title":"Of tax breaks and loopholes","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"The loophole that gave tax breaks to state institutions investing in government debt is now officially closed after President Abdel Fattah El Sisi ratified a bill that repealed an income tax exemption on income derived from treasury holdings, Al Mal reports.Background: The bill, which was proposed by the Finance Ministry\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568515,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/01\/house-planning-committee-approves-harsher-penalties-for-late-tax-filing\/","url_meta":{"origin":543632,"position":5},"title":"House planning committee approves harsher penalties for late tax filing","author":"enterpriseam admin","date":"1 November 2020","format":false,"excerpt":"LEGISLATION WATCH- House planning committee approves harsher penalties for late tax filing: The House Planning and Budgeting Committee has approved amendments to the Unified Tax Act that would impose fines of EGP 50k to EGP 2 mn on those who fail to submit their tax returns within 60 days of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543632"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543632\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543633"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543632"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543632"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}