{"id":575717,"date":"2020-10-25T04:15:15","date_gmt":"2020-10-25T04:15:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/"},"modified":"2020-10-25T04:15:15","modified_gmt":"2020-10-25T04:15:15","slug":"investors-to-work-with-finmin-on-real-estate-tax-exemptions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/","title":{"rendered":"Investors to work with FinMin on real estate tax exemptions"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Business leaders and lobby groups are now part of a joint committee with the <\/strong><strong>Finance Ministry set up to address investor concerns<\/strong>, including the implementation of the Real Estate Tax Act, the ministry said in <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release23-10-2020.aspx\">a statement<\/a> on Friday. The committee \u2014 which brings together the Investors Union and Federation of Egyptian Industries \u2014 has been mandated with looking at businesses\u2019 input on how the law applies to empty land plots and how to appraise land. This comes less than a month after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d9e3da7-e304-450f-ad93-c28f29b2ad99\">the Trade Ministry said<\/a> it was working on proposals that would exempt factories from real estate tax.<\/p>\n<p><strong>Industry has been calling for real estate tax relief since the beginning of the year<\/strong> when the Investors Union <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6cd58fa0-c48e-4751-b9fe-777df2347fac\">urged the government<\/a> to abolish the tax for factories. This came a week after cabinet green-lit amendments \u2014 later <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/976f5377-99f1-497d-b840-a5c7a7400871\">signed into law in May<\/a> \u2014 that exempt unused land from being taxed and give the cabinet the power to issue exemptions for some buildings.<\/p>\n<p><strong>Also from the meeting:<\/strong><\/p>\n<ul>\n<li><strong>New rules on tax refunds, customs letters of guarantee: <\/strong>The Tax Authority will introduce a new mechanism to expedite tax refunds, while the Customs Authority will work to settle letters of guarantee amicably without resorting to the courts, Finance Minister Mohamed Maait said, without providing details.<\/li>\n<li><strong>The ministry will start receiving exporters\u2019 requests for lump sum payments of subsidy arrears starting next month<\/strong>, the minister said. The ministry<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bce620c8-4b2a-4423-ba29-999132eb84af\">last month announced<\/a> that companies would be able to receive the arrears as a lump sum (rather than in payments stretching over 4-5 years) provided they agree to forgiving 15% of the debt.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Business leaders and lobby groups are now part of a joint committee with the Finance Ministry set up to address investor concerns, including the implementation of the Real Estate Tax Act, the ministry said in a statement on Friday. The committee \u2014 which brings together the Investors Union and Federation of Egyptian Industries \u2014 has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":575718,"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":[8572],"tags":[1684,6021,72,4765,276,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egyptian-businessmen-association","tag-egyptian-federation-of-investors-associations","tag-enterpriseam","tag-federation-of-industries","tag-finance-ministry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2ef8386f-6e06-4264-b7fa-329d0dbf8c27","is_powered_by":true,"section_story_id":"17847e29-9c0f-43ba-a6e6-a84a525dcc22","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/256.jpg","photo_position":"above","related_issue":[575704],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Investors to work with FinMin on real estate tax exemptions - 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\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors to work with FinMin on real estate tax exemptions\" \/>\n<meta property=\"og:description\" content=\"Business leaders and lobby groups are now part of a joint committee with the Finance Ministry set up to address investor concerns, including the implementation of the Real Estate Tax Act, the ministry said in a statement on Friday. The committee \u2014 which brings together the Investors Union and Federation of Egyptian Industries \u2014 has [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-25T04:15:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/256.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Investors to work with FinMin on real estate tax exemptions\",\"datePublished\":\"2020-10-25T04:15:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/\"},\"wordCount\":272,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/256.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Egyptian Businessmen Association\",\"Egyptian Federation of Investors Associations\",\"EnterpriseAM\",\"Federation of Industries\",\"Finance Ministry\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/investors-to-work-with-finmin-on-real-estate-tax-exemptions\/\",\"name\":\"Investors to work with FinMin on real estate tax exemptions - 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The committee would be mandated with\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":575904,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/03\/are-egypts-factories-getting-closer-to-a-temporary-real-estate-tax-break\/","url_meta":{"origin":575717,"position":1},"title":"Are Egypt\u2019s factories getting closer to a temporary real estate tax break?","author":"enterpriseam admin","date":"3 November 2020","format":false,"excerpt":"Are factories getting closer to a temporary real estate tax break? 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 &quot;Speed Round&quot;","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":569018,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egypt-may-exempt-state-affiliated-strategic-factories-from-property-tax\/","url_meta":{"origin":575717,"position":2},"title":"Egypt may exempt state-affiliated, strategic factories from property tax","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"EXCLUSIVE- Gov\u2019t mulling whether to give property tax exemptions to state-affiliated factories and private-sector companies in a handful of \u201cstrategic\u201d industries: After draft cabinet-approved amendments to the Real Estate Tax Act pass the House of Representatives, the government could move to exempt factories in which it holds shares from paying\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/145.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638559,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/09\/leases-on-retail-space-at-malls-may-be-subject-to-value-added-tax\/","url_meta":{"origin":575717,"position":3},"title":"Leases on retail space at malls may be subject to value-added tax","author":"enterpriseam admin","date":"9 October 2017","format":false,"excerpt":"Leases on retail space at malls may be subject to value-added tax: Reports have begun swirling that the Finance Ministry will declare that retail space at malls is to be subject to the value-added tax (VAT) a move that Al Borsa says is upsetting real estate developers, who have in\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":627101,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/19\/business-associations-press-govt-on-lowering-taxes-fees-on-manufacturing\/","url_meta":{"origin":575717,"position":4},"title":"Business associations press gov\u2019t on lowering taxes, fees on manufacturing","author":"enterpriseam admin","date":"19 July 2018","format":false,"excerpt":"Business associations press gov\u2019t on lowering taxes, fees on manufacturing: A number of business associations have publically come out to urge the government to reduce fees and taxes for industry yesterday. The Union of Investors Associations (the commies that bleed green) is urging the Finance Ministry to end real estate\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":622707,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/tax-authority-to-sign-agreements-soon-with-ministries-of-transport-civil-aviation-on-real-estate-tax-calculation\/","url_meta":{"origin":575717,"position":5},"title":"Tax Authority to sign agreements soon with ministries of transport, civil aviation on real estate tax calculation","author":"enterpriseam admin","date":"10 October 2018","format":false,"excerpt":"Tax Authority to sign agreements soon with ministries of transport, civil aviation on real estate tax calculation: The Tax Authority is close to finalizing agreements with the ministries of transport and civil aviation on the tax treatment of real estate in their respective industries, Real Estate Tax Authority head Samia\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/575717","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=575717"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575717\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575718"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575717"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575717"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}