{"id":600799,"date":"2019-02-11T04:46:23","date_gmt":"2019-02-11T04:46:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/finmin-denies-plans-to-repeal-real-estate-tax-exemption-for-private-homes-in-egypt\/"},"modified":"2019-02-11T04:46:23","modified_gmt":"2019-02-11T04:46:23","slug":"finmin-denies-plans-to-repeal-real-estate-tax-exemption-for-private-homes-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/11\/finmin-denies-plans-to-repeal-real-estate-tax-exemption-for-private-homes-in-egypt\/","title":{"rendered":"FinMin denies plans to repeal real estate tax exemption for private homes in Egypt"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <b>FinMin denies it has plans to repeal real estate tax exemption for private homes:<\/b> The Finance Ministry <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Press\/Pages\/news-c-10-2-2019.aspx\">issued a statement<\/a> yesterday denying <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/10\/egypt-to-repeal-real-estate-tax-exemptions-for-private-homes-provide-preferential-treatment-for-hotels-factories-oil-and-gas\/\">our report<\/a> that it is mulling scrapping an exemption on real estate taxes for private homes worth less than EGP 2 mn under a new Real Estate Tax Act currently in the works. According to the statement, the ministry will finish soon drafting its proposed amendments to the existing Real Estate Tax Act and will hold public consultations before shipping the act to Cabinet and the House of Representatives for sign-off.<\/p>\n<p><b>What would the proposed amendments entail?<\/b> The proposed amendments are largely aimed at reducing discrepancies in the tax rates imposed on similarly-valued properties, in addition to alleviating some of the tax burden on factories, according to the statement. The amendments would, if passed, overhaul the government\u2019s appraisal system to increase its efficiency. A government source had <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/26\/finmin-looking-to-replace-real-estate-tax-act-with-new-legislation-streamlining-appraisal-process\/\">told us back in December<\/a> that the ministry was looking to introduce a digital system through which real estate would be appraised, and had enlisted Ain Shams University to appraise the value of real estate in the country based on location and prepare an electronic database of prices.<\/p>\n<p><b>The government is looking at earmarking up to 50% of its annual haul from the real estate tax for the benefit of informal settlements<\/b>, the statement says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FinMin denies it has plans to repeal real estate tax exemption for private homes: The Finance Ministry issued a statement yesterday denying our report that it is mulling scrapping an exemption on real estate taxes for private homes worth less than EGP 2 mn under a new Real Estate Tax Act currently in the works. [&hellip;]<\/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":[8572],"tags":[72,276,277,4567,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600799","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","tag-real-estate-tax-act","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"57b07575-c903-4f5d-ba56-e55d23b33d39","is_powered_by":true,"section_story_id":"d3821db8-ca36-4f15-a166-1adfe3dd0d78","story_type":"1","photo_url":"","photo_position":"above","related_issue":[600788],"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>FinMin denies plans to repeal real estate tax exemption for private homes in Egypt - 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\/02\/11\/finmin-denies-plans-to-repeal-real-estate-tax-exemption-for-private-homes-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin denies plans to repeal real estate tax exemption for private homes in Egypt\" \/>\n<meta property=\"og:description\" content=\"FinMin denies it has plans to repeal real estate tax exemption for private homes: The Finance Ministry issued a statement yesterday denying our report that it is mulling scrapping an exemption on real estate taxes for private homes worth less than EGP 2 mn under a new Real Estate Tax Act currently in the works. 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Industry could be getting a leg up from the government if the Madbouly Cabinet agrees to accept a proposal being drafted by the Trade Ministry and exempt factories from the real estate tax. The statement does not provide\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":600742,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/10\/egypt-to-repeal-real-estate-tax-exemptions-for-private-homes-provide-preferential-treatment-for-hotels-factories-oil-and-gas\/","url_meta":{"origin":600799,"position":2},"title":"Egypt to repeal real estate tax exemptions for private homes, provide preferential treatment for hotels, factories, oil and gas","author":"enterpriseam admin","date":"10 February 2019","format":false,"excerpt":"EXCLUSIVE- The Great Real Estate Tax Debate of 2018 is about to roll forward into 2019. Readers may recall the loud, sweeping debate late last summer over how to fairly tax both commercial and personal real estate. At one point, the story was a fixture of the night time talk\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":600799,"position":3},"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":560625,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/of-tax-breaks-and-loopholes\/","url_meta":{"origin":600799,"position":4},"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 &quot;LEGISLATION WATCH&quot;","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":567464,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/23\/cabinet-approves-partial-property-tax-exemption-for-factories\/","url_meta":{"origin":600799,"position":5},"title":"Cabinet approves partial property tax exemption for factories","author":"enterpriseam admin","date":"23 January 2020","format":false,"excerpt":"CABINET WATCH- Cabinet approves partial property tax exemption for factories: The Madbouly Cabinet approved draft amendments to the Real Estate Tax Act that exempts idle land from property tax, according to a cabinet statement. The amendments also grant the cabinet the power to exempt land used by strategic industries and\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\/1\/682.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\/600799","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=600799"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600799\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600788"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600799"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600799"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}