{"id":560439,"date":"2021-02-28T04:42:01","date_gmt":"2021-02-28T04:42:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/lawmakers-want-more-time-to-comply-with-new-real-estate-registry-act\/"},"modified":"2021-02-28T04:42:01","modified_gmt":"2021-02-28T04:42:01","slug":"lawmakers-want-more-time-to-comply-with-new-real-estate-registry-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/28\/lawmakers-want-more-time-to-comply-with-new-real-estate-registry-act\/","title":{"rendered":"Lawmakers want more time to comply with new Real Estate Registry Act"},"content":{"rendered":"

Property owners could get an 18-month grace period to comply with new rules under the<\/strong> Real Estate Registry Act.<\/strong> Members of the Egyptian Social Democratic Party, a Senate and House minority, are planning to propose amendments that would give homebuyers a grace period and allow them to take out temporary contracts with utility providers while getting their property\u2019s affairs in order, Senate Rep. Mahmoud Sami said, according to Al Mal<\/a>.<\/p>\n

If these MPs get their way, a 2.5% property disposal tax could also be slashed to 1%<\/strong>, the newspaper reports.<\/p>\n

The matter could be put to discussion at the House of Representatives as early as this week considering its time sensitivity<\/strong>, and could see a decision made within a few days, House majority leader Ashraf Rashad told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (watch, runtime: 3:25<\/a>). Rep. Soliman Wahdan of Al Wafd Party separately told Moussa that he has also put forth an \u201curgent\u201d request to the House of Representatives to discuss the amendments (watch, runtime: 3:40<\/a>). Although Rashad did not succumb to Moussa\u2019s poking and prodding in hopes of promising a breakthrough, he said that \u201call options are on the table\u201d but would require consultations with the Finance Ministry to determine whether a tax reduction would be possible (watch, runtime: 3:20<\/a>).<\/p>\n

The Senate also looks set to move on the issue as well, and will likely call for community dialogue<\/strong> on the legislation, Senate spokesperson Akmal Nagaty told Moussa (watch, runtime: 6:38<\/a>).<\/p>\n

Lawmakers could also put forth a request to suspend the implementation of the law to buy more time<\/strong> to find a feasible solution, Kelma Akhira\u2019s Lamees El Hadidi suggested (watch, runtime: 2:18<\/a>).<\/p>\n

What exactly is going on here? <\/strong>Changes to the Real Estate Registry Act that passed this month, which will require a visit to a local ma\u2019moreya and a judge to validate property sale and purchase agreements before heading down to the Real Estate Registry. This also led to confusion that the government is introducing a new 2.5% tax on real estate disposal, forcing the Finance Ministry to clarify that the changes are only administrative, and that the levy has been flat since 1996. We broke down the story last week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Property owners could get an 18-month grace period to comply with new rules under the Real Estate Registry Act. Members of the Egyptian Social Democratic Party, a Senate and House minority, are planning to propose amendments that would give homebuyers a grace period and allow them to take out temporary contracts with utility providers while […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,274,187,127,713,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560439","post","type-post","status-publish","format-standard","hentry","category-legislation-watch","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-politics","tag-real-estate-registry-act","tag-senate","wpautop","entry"],"acf":{"mongo_id":"3afe116f-8bc9-459d-999c-bc989d284333","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560423],"teaser":"","voice_url":""},"yoast_head":"\nLawmakers want more time to comply with new Real Estate Registry Act - 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\/28\/lawmakers-want-more-time-to-comply-with-new-real-estate-registry-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lawmakers want more time to comply with new Real Estate Registry Act\" \/>\n<meta property=\"og:description\" content=\"Property owners could get an 18-month grace period to comply with new rules under the Real Estate Registry Act. 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The House Legislative Committee had approved the decision earlier in 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\/2021\/3\/79.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560513,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/its-back-to-the-drawing-board\/","url_meta":{"origin":560439,"position":1},"title":"It\u2019s back to the drawing board","author":"enterpriseam admin","date":"2 March 2021","format":false,"excerpt":"Amendments to the Real Estate Registry Act are now suspended for at least two years under directives from President Abdel Fattah El Sisi, according to an Ittihadiya statement. The two-year freeze is meant to allow time for public consultations on the legislation and the introduction of an alternative to 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\/2021\/3\/60.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":560439,"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":560465,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/rain-check-please\/","url_meta":{"origin":560439,"position":3},"title":"Rain check, please","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Controversial amendments to the Real Estate Registry Act look like they will be introduced at the end of December instead of this coming Saturday, after the Madbouly Cabinet submitted proposed legislative amendments allowing the prime minister to postpone the changes coming into effect, according to a statement. The House of\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\/2021\/3\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543632,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/","url_meta":{"origin":560439,"position":4},"title":"Selling your house could soon become cheaper","author":"enterpriseam admin","date":"10 February 2022","format":false,"excerpt":"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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The amendments received the greenlight from the House of Representatives yesterday.\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"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\/560439","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=560439"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560439\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560423"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560439"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560439"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}