{"id":595320,"date":"2019-09-23T04:27:49","date_gmt":"2019-09-23T04:27:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/23\/egypt-is-setting-up-a-digital-log-of-real-estate-asset-sales-to-collect-its-2-5-levy\/"},"modified":"2019-09-23T04:27:49","modified_gmt":"2019-09-23T04:27:49","slug":"egypt-is-setting-up-a-digital-log-of-real-estate-asset-sales-to-collect-its-2-5-levy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/23\/egypt-is-setting-up-a-digital-log-of-real-estate-asset-sales-to-collect-its-2-5-levy\/","title":{"rendered":"Egypt is setting up a digital log of real estate asset sales to collect its 2.5% levy"},"content":{"rendered":"

<\/a> EXCLUSIVE- Gov\u2019t to digitize its log of real estate asset sales to collect 2.5% levy:<\/b> The Tax Authority is setting up an electronic system to record real estate sales that would be subject to the 2.5% real estate tax, two government sources told Enterprise. The levy was set last June<\/a> on the disposition or quick sale value of real estate assets under amendments to the tax code affecting real estate. Under the stipulations, 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. The system, which is currently operating on a trial basis and will be rolled out officially next month, is expected to increase the state\u2019s real estate tax revenues to EGP 20 bn, compared to EGP 6.5 bn as of June 2018.<\/p>\n

So how does it work?<\/b> The new system will be apply to sales and purchases by individuals and companies and will run 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. Real estate asset sales between individuals will be processed via the same system. The Justice Ministry will be responsible for logging legal cases filed for transfer of ownership between individuals, while the Electricity Ministry will do the same for requests to change homeowner information for electricity meters.<\/p>\n

Background:<\/b> A government source told us last June<\/a> that the Madbouly Cabinet was devising a new real estate tax formula as part of a major real estate tax overhaul that would impact both business and private landholdings. This new formula would set \u201cclear and simplified\u201d guidelines for the tax assessment of industrial properties, hotels, ports, and airports, our sources told us. It was then revealed to us that the Finance Ministry had developed a real estate tax formula for the oil and gas industry<\/a>, which already pays the highest corporate taxes in the nation.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Gov\u2019t to digitize its log of real estate asset sales to collect 2.5% levy: The Tax Authority is setting up an electronic system to record real estate sales that would be subject to the 2.5% real estate tax, two government sources told Enterprise. The levy was set last June on the disposition or quick […]<\/p>\n","protected":false},"author":1,"featured_media":595321,"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":[679,72,83,389,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-595320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egyptian-tax-authority","tag-enterpriseam","tag-real-estate","tag-real-estate-tax","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"047055db-ed31-442b-b578-e28c38fe47ac","is_powered_by":true,"section_story_id":"a460ec21-f887-4ece-8151-2dad938e4971","story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/549.jpg","photo_position":"above","related_issue":[595308],"teaser":"","voice_url":""},"yoast_head":"\nEgypt is setting up a digital log of real estate asset sales to collect its 2.5% levy - 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\/2019\/09\/23\/egypt-is-setting-up-a-digital-log-of-real-estate-asset-sales-to-collect-its-2-5-levy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt is setting up a digital log of real estate asset sales to collect its 2.5% levy\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Gov\u2019t to digitize its log of real estate asset sales to collect 2.5% levy: The Tax Authority is setting up an electronic system to record real estate sales that would be subject to the 2.5% real estate tax, two government sources told Enterprise. 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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\u2026","rel":"","context":"In "TAXES"","block_context":{"text":"TAXES","link":"https:\/\/enterpriseam.com\/egypt\/category\/taxes\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/368.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625064,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/26\/real-estate-tax-on-mobile-network-towers-isnt-new\/","url_meta":{"origin":595320,"position":1},"title":"Real estate tax on mobile network towers isn\u2019t new?","author":"enterpriseam admin","date":"26 September 2018","format":false,"excerpt":"Real estate tax on mobile network towers isn\u2019t new, but that doesn\u2019t mean the state treasury doesn\u2019t want to collect it: The real estate tax on sites used for mobile network towers is not new has already been in place since the issuance of the Real Estate Tax Law, Vodafone\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":624962,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/24\/govt-looks-to-collect-real-estate-taxes-on-billboards-cell-phone-towers\/","url_meta":{"origin":595320,"position":2},"title":"Gov\u2019t looks to collect real estate taxes on billboards, cell phone towers","author":"enterpriseam admin","date":"24 September 2018","format":false,"excerpt":"**#1 EXCLUSIVE- Hungry treasury looks to collect real estate taxes on billboards, cell phone towers: The government is looking to step up its collection of real estate taxes payable on sites used for billboards and mobile network towers, a government source tells Enterprise. The Tax Authority is currently conducting a\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":573302,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/real-estate-developers-oppose-vat-on-non-residential-properties\/","url_meta":{"origin":595320,"position":3},"title":"Real estate developers oppose VAT on non-residential properties","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"LEGISLATION WATCH- Real estate developers oppose VAT on non-residential properties: Real estate developers have pushed back on proposed legislative amendments that would impose a 14% value-added tax (VAT) on the sale and rental of non-residential properties, the local press reports. The Federation of Egyptian Industries\u2019 real estate division is currently\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\/7\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625641,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/12\/real-estate-taxes-gripping-the-nation-these-past-few-weeks\/","url_meta":{"origin":595320,"position":4},"title":"Real estate taxes gripping the nation these past few weeks","author":"enterpriseam admin","date":"12 August 2018","format":false,"excerpt":"Real estate taxes gripping the nation these past few weeks: The Finance Ministry\u2019s attempts to reform and amend the real estate tax has seen it kick up a hornet\u2019s nest in the local press and the airwaves these past few weeks. We attempt to chart these efforts and the reactions.\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":560465,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/rain-check-please\/","url_meta":{"origin":595320,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595320","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=595320"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/595320\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/595308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/595321"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=595320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=595320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=595320"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=595320"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=595320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}