{"id":560394,"date":"2021-02-25T04:25:44","date_gmt":"2021-02-25T04:25:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/25\/property-disposal-tax-isnt-new-maait\/"},"modified":"2021-02-25T04:25:44","modified_gmt":"2021-02-25T04:25:44","slug":"property-disposal-tax-isnt-new-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/25\/property-disposal-tax-isnt-new-maait\/","title":{"rendered":"Property disposal tax isn\u2019t new -Maait"},"content":{"rendered":"

<\/a> That property disposal tax everyone is up in arms about? It\u2019s been around for <\/strong>some 70 years<\/strong>, Finance Minister Mohamed Maait said yesterday<\/a> to dispel rumors that the government is imposing a new tax on real estate sales. The confusion came up amid renewed discussion of recently-passed amendments to the Real Estate Registry Act over the past couple of weeks.<\/p>\n

So what\u2019s this disposal tax about?<\/strong> The levy, which was introduced back in 1939, is imposed on sales of real estate properties and is set as a flat rate of 2.5%<\/a> of the disposition or quick sale value of real estate assets. The rate has been stable at 2.5% since 1996, when it was brought down from 5%, Real Estate Registry head Gamal Yacout told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (watch, runtime: 4:47<\/a>).<\/p>\n

It is the responsibility of the seller, not the buyer, to pay the tax within 30 days of completing the sale<\/strong>, Maait noted. Some sale and purchase agreements automatically integrate the tax into the value of the sale by deducting the tax from the amount paid by the buyer, former Real Estate Registry boss Sami Emam said earlier this week (watch, runtime: 9:15<\/a>).<\/p>\n

A handful of exemptions:<\/strong> All properties located in villages or its affiliated areas, real estate assets that were inherited before 25 July 2018, assets presented as in-kind shares in joint-stock companies, and properties given as authenticated gifts will not be subject to the levy, the ministry said.<\/p>\n

Does this all sound familiar? It should: <\/strong>The Tax Authority was working in 2019 on setting up an electronic system<\/a> to record real estate sales that would be subject to the tax, with an eye to triple the state\u2019s real estate tax revenues. The system applies to sales and purchases by individuals and companies, and it runs through real estate registry and public utility offices. Real estate developers will be required to only provide their clients with official property deeds once they present proof of having paid the tax, and sales between individuals will be processed via the same system. Property owners would not have access to basic services such as power and water until they are able to present proof that they have paid the necessary taxes.<\/p>\n

Meanwhile, objections to changes on how to register real estate pushed Prime Minister Moustafa Madbouly to <\/strong>set up a committee<\/a><\/strong> to streamline registry procedures.<\/strong> The changes, introduced through amendments to the Real Estate Registry Act, require property owners to go through their local ma\u2019moreya and a judge to validate their sale and purchase agreements before taking the contracts to the Real Estate Registry.<\/p>\n","protected":false},"excerpt":{"rendered":"

That property disposal tax everyone is up in arms about? It\u2019s been around for some 70 years, Finance Minister Mohamed Maait said yesterday to dispel rumors that the government is imposing a new tax on real estate sales. The confusion came up amid renewed discussion of recently-passed amendments to the Real Estate Registry Act over […]<\/p>\n","protected":false},"author":1,"featured_media":560395,"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":[9972],"tags":[72,277,389,69,3771],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes","tag-enterpriseam","tag-mohamed-maait","tag-real-estate-tax","tag-tax","tag-taxes","wpautop","entry"],"acf":{"mongo_id":"3c808039-3cb1-44c2-b027-fe4c72017443","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/368.jpg","photo_position":"above","related_issue":[560384],"teaser":"","voice_url":""},"yoast_head":"\nProperty disposal tax isn\u2019t new -Maait - 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\/02\/25\/property-disposal-tax-isnt-new-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property disposal tax isn\u2019t new -Maait\" \/>\n<meta property=\"og:description\" content=\"That property disposal tax everyone is up in arms about? 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That\u2019s what Egyptian Federation of Investors Association Secretary Sobhi Nasr claims, telling Amwal Al Ghad that Finance Minister Mohamed Maait agreed to temporarily exempt factories from paying the property tax. The apparent decision, which still requires a formal sign-off\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":568587,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/investors-call-on-the-government-to-scrap-real-estate-tax-on-factories\/","url_meta":{"origin":560394,"position":2},"title":"Investors call on the government to scrap real estate tax on factories","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"Investors call for an end to real estate tax on factories: The Investors Union has petitioned the government to abolish the real estate tax on the factories, less than a week after the cabinet decided to introduce new tax exemptions, the local press reports. 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The\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\/2020\/12\/437.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595369,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/egypt-finishes-initial-draft-of-new-income-tax-law\/","url_meta":{"origin":560394,"position":5},"title":"Egypt finishes initial draft of new income tax law","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"LEGISLATION WATCH- Initial draft of new income tax law ready: The Finance Ministry has completed incorporating suggestions from the business community and finalized an initial draft of a new income tax law, Minister Mohamed Maait said yesterday during the Future of Investment in Egypt conference, according to a ministry statement.\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\/2019\/9\/615.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560394","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=560394"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560394\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560395"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560394"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560394"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}