{"id":560625,"date":"2021-03-07T04:02:06","date_gmt":"2021-03-07T04:02:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/of-tax-breaks-and-loopholes\/"},"modified":"2021-03-07T04:02:06","modified_gmt":"2021-03-07T04:02:06","slug":"of-tax-breaks-and-loopholes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/of-tax-breaks-and-loopholes\/","title":{"rendered":"Of tax breaks and loopholes"},"content":{"rendered":"

<\/a> The loophole that gave tax breaks to state institutions investing in government debt is now officially closed<\/strong> after President Abdel Fattah El Sisi ratified a bill that repealed an income tax exemption on income derived from treasury holdings, Al Mal<\/a> reports.<\/p>\n

Background:<\/strong> The bill, which was proposed by the Finance Ministry<\/a> last year, covers specific state institutions as well as government-owned bodies, in addition to private ins. firms and some civil society groups.<\/p>\n

The reworked Real Estate Registry Act won\u2019t go into effect until 30 June 2023 \u2014 and a 2.5% tithe on real estate sales is no longer a prerequisite for utility access<\/strong>, according to a separate presidential decree, according to Masrawy<\/a>. The tax was provided for by two new contentious clauses<\/a>in the Income Tax Act that would have made access to utilities and infrastructure for new properties contingent on their being officially registered and the 2.5% tax on a real estate asset\u2019s value at sale being paid up.<\/p>\n

A refresher:<\/strong> The House of Representatives\u2019 general assembly signed off<\/a> last week on the suspension of amendments to the Real Estate Registry Act. The votes came one day after El Sisi issued the decree<\/a> ordering a two-year freeze to allow time for public consultations on the legislation. The law was set to go into effect yesterday, mandating new procedures for property owners to register their properties. The Income Tax Act had separately stipulated in a years-old article that properties must be registered at the Real Estate Registry before getting access to basic utilities. The Madbouly Cabinet is now working on a draft bill that would set the new fees and procedures for real estate registry until the reworked Real Estate Registry Act is prepared.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 last year, covers specific […]<\/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":[96,72,274,187,83,713,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560625","post","type-post","status-publish","format-standard","hentry","category-legislation-watch","tag-abdel-fattah-el-sisi","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-real-estate","tag-real-estate-registry-act","tag-tax","wpautop","entry"],"acf":{"mongo_id":"8f80d008-1116-4712-9734-c1e3ebabf8a2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560610],"teaser":"","voice_url":""},"yoast_head":"\nOf tax breaks and loopholes - 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\/03\/07\/of-tax-breaks-and-loopholes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Of tax breaks and loopholes\" \/>\n<meta property=\"og:description\" content=\"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. 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The bill would see property owners pay a lump sum tax\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\/2022\/2\/139.jpg?fit=%2C&ssl=1&resize=350%2C200","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":560625,"position":2},"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). 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":560625,"position":3},"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. 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