{"id":555380,"date":"2021-11-11T04:11:21","date_gmt":"2021-11-11T04:11:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/cabinet-looking-to-encourage-more-property-registrations\/"},"modified":"2021-11-11T04:11:21","modified_gmt":"2021-11-11T04:11:21","slug":"cabinet-looking-to-encourage-more-property-registrations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/cabinet-looking-to-encourage-more-property-registrations\/","title":{"rendered":"Cabinet looking to encourage more property registrations"},"content":{"rendered":"

Are we about to see a surge in home registration? <\/strong>More homeowners could start notarizing their ownership contracts after legislative amendments to considerably shorten the process earned cabinet approval in its weekly meeting yesterday<\/a>. The changes, which amend stipulations in the Real Estate Registry Act and the Income Tax Act, are expected to significantly trim the painstaking registration process by waiving the need to obtain pre-approval at the real estate registry office prior to obtaining the final seal and putting a time ceiling on the entire process. The pre-approval stage, as things stand, requires on-ground inspections by notaries, a documentation of provenance, and other steps that usually take months.<\/p>\n

Registration taxes are also now easier to digest<\/strong>, as payment will no longer be a prerequisite of getting hold of the notarized \u201cblue contract.\u201d Instead, the seller will remit the taxes at a later date. As things stand, the changes don't provide a timeline or mechanism for the tax collection. The changes also set the tax rate at 2.5% in contracts signed before recently-passed amendments<\/a> and a flat rate of EGP 1.5-4k in older contracts. The need to pay taxes before registering had previously discouraged property owners from notarizing their deeds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Are we about to see a surge in home registration? More homeowners could start notarizing their ownership contracts after legislative amendments to considerably shorten the process earned cabinet approval in its weekly meeting yesterday. The changes, which amend stipulations in the Real Estate Registry Act and the Income Tax Act, are expected to significantly trim […]<\/p>\n","protected":false},"author":1,"featured_media":555381,"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":[7306],"tags":[282,72,884,713],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-enterpriseam","tag-income-tax-act","tag-real-estate-registry-act","wpautop","entry"],"acf":{"mongo_id":"2d716978-cdd4-46cf-8825-cd46e70c6359","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/418.jpg","photo_position":"above","related_issue":[555364],"teaser":"","voice_url":""},"yoast_head":"\nCabinet looking to encourage more property registrations - 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\/2021\/11\/11\/cabinet-looking-to-encourage-more-property-registrations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet looking to encourage more property registrations\" \/>\n<meta property=\"og:description\" content=\"Are we about to see a surge in home registration? More homeowners could start notarizing their ownership contracts after legislative amendments to considerably shorten the process earned cabinet approval in its weekly meeting yesterday. 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The House has been\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":[]},{"id":568892,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/cabinet-finally-approves-real-estate-registry-act\/","url_meta":{"origin":555380,"position":1},"title":"Cabinet finally approves Real Estate Registry Act","author":"enterpriseam admin","date":"6 February 2020","format":false,"excerpt":"CABINET WATCH- Cabinet finally approves Real Estate Registry Act: The Madbouly Cabinet approved yesterday amendments to the Real Estate Registry Act that would speed up procedures for citizens to register properties, according to a cabinet statement. The House of Representatives has been consistently nagging the Council of Ministers to introduce\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\/2\/98.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":555380,"position":2},"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":560545,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/house-signs-off-on-suspending-real-estate-registry-act\/","url_meta":{"origin":555380,"position":3},"title":"House signs off on suspending Real Estate Registry Act","author":"enterpriseam admin","date":"3 March 2021","format":false,"excerpt":"It\u2019s official: Amendments to the Real Estate Registry Act will be suspended until 30 June 2023 after the House of Representatives\u2019 general assembly signed off yesterday on the suspension, according to a newsreel from the House (watch, runtime: 10:57). 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