{"id":621745,"date":"2018-11-18T04:16:57","date_gmt":"2018-11-18T04:16:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/"},"modified":"2018-11-18T04:16:57","modified_gmt":"2018-11-18T04:16:57","slug":"parliament-overhauls-proposed-amendments-to-real-estate-tax-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/","title":{"rendered":"Parliament overhauls proposed amendments to Real Estate Tax Act"},"content":{"rendered":"

LEGISLATION WATCH- Parliament changes-up proposed amendments to Real Estate Tax Act:<\/strong> The House Housing Committee has completed drafting a revised version of proposed amendments to the Real Estate Tax Act and has returned the bill to the Madbouly Cabinet for review, according to Al Masry Al Youm<\/a>. The proposed changes appear to significantly water-down the original bill<\/a>, which covered everything from the new real estate tax formula to how rented properties will be taxed and avenues for appeal. Housing Committee chair Rep. Alaa Waly had said last month that President Abdel Fattah El Sisi had called for the amendments to be \u201crevisited\u201d to be more considerate of low-income citizens.<\/p>\n

Revised real estate tax formula:<\/strong> The revised amendments would set the annual real estate tax formula at 10% of its annual rental value, after excluding maintenance expenses from the total \u2014 which are set at 20% for residential properties and 15% for non-residential properties. The original version had set the maintenance expenses at 30% and 32% for residential and non-residential properties, respectively. The tax formula for industrial and tourism properties, as well as mines, quarries, airports, and ports, would be based on the size and land value of the property. The amendments would also see the real estate tax increase 10% each year for all properties.<\/p>\n

Unused land would be subject to half of the annual tax as long as it remains unused<\/strong>. The original amendments had revised Article 9B of the law to say that only land in use will be subject to a real estate tax.<\/p>\n

A number of articles are also on the cutting board:<\/strong> The original amendments would have seen a government property census, which would be used to determine the market value of assets on which their annual rental value would be calculated, take place once every seven years, instead of five. The new amendments would scrap that article altogether. The revised amendments would also scrap an article stipulating that the rental value of a property is equal to 1.8% of a property\u2019s market value, which will be determined by the Tax Authority during appraisals.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Parliament changes-up proposed amendments to Real Estate Tax Act: The House Housing Committee has completed drafting a revised version of proposed amendments to the Real Estate Tax Act and has returned the bill to the Madbouly Cabinet for review, according to Al Masry Al Youm. The proposed changes appear to significantly water-down the […]<\/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":[72,180,389,4567,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621745","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-legislation","tag-real-estate-tax","tag-real-estate-tax-act","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"7e3bbca1-7171-4db4-8a6a-df6aff692f45","order":"0","is_powered_by":true,"section_story_id":"22a80e17-2fb5-471c-a57a-8c5ea5067170","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621730],"teaser":"","voice_url":""},"yoast_head":"\nParliament overhauls proposed amendments to Real Estate Tax 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\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament overhauls proposed amendments to Real Estate Tax Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Parliament changes-up proposed amendments to Real Estate Tax Act: The House Housing Committee has completed drafting a revised version of proposed amendments to the Real Estate Tax Act and has returned the bill to the Madbouly Cabinet for review, according to Al Masry Al Youm. The proposed changes appear to significantly water-down the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-18T04:16:57+00:00\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Parliament overhauls proposed amendments to Real Estate Tax Act\",\"datePublished\":\"2018-11-18T04:16:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/\"},\"wordCount\":351,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"legislation\",\"real estate tax\",\"Real Estate Tax Act\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/parliament-overhauls-proposed-amendments-to-real-estate-tax-act\/\",\"name\":\"Parliament overhauls proposed amendments to Real Estate Tax Act - 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Alaa Waly tells Al Masry\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":621904,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/21\/govt-to-send-real-estate-tax-act-amendments-to-house-in-december\/","url_meta":{"origin":621745,"position":1},"title":"Gov\u2019t to send Real Estate Tax Act amendments to House in December","author":"enterpriseam admin","date":"21 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Gov\u2019t to send Real Estate Tax Act back to House in December: The Madbouly Cabinet has pledged to send amendments to the Real Estate Tax Act back to the House of Representatives for review in December, said Rep. Yasser Omar. The House had overhauled government-proposed amendments and drafted\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":599889,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/egypts-parliament-committee-gives-nod-to-proposed-amendments-to-income-tax-act\/","url_meta":{"origin":621745,"position":2},"title":"Egypt\u2019s parliament committee gives nod to proposed amendments to Income Tax Act","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Proposed changes to how banks are taxed get committee-level approval in the House: The House Planning and Budget Committee has given a nod to government-proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, Al Mal\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":572782,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/08\/egypts-new-unified-tax-act-set-for-general-assembly-discussion\/","url_meta":{"origin":621745,"position":3},"title":"Egypt\u2019s new Unified Tax Act set for general assembly discussion","author":"enterpriseam admin","date":"8 July 2020","format":false,"excerpt":"LEGISLATION WATCH- The Unified Tax Act is making its way to the House general assembly: The House Planning and Budgeting Committee has wrapped up discussions of the proposed Unified Tax Act ahead of handing over a report for a vote on several last-minute changes in the upcoming plenary session, Al\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":605231,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/26\/finmin-looking-to-replace-real-estate-tax-act-with-new-legislation-streamlining-appraisal-process\/","url_meta":{"origin":621745,"position":4},"title":"FinMin looking to replace Real Estate Tax Act with new legislation streamlining appraisal process","author":"enterpriseam admin","date":"26 December 2018","format":false,"excerpt":"EXCLUSIVE- Proposed amendments to real estate tax could be a \u2018temporary measure\u2019 ahead of full re-write of bill: A bill now before the House of Representatives packed with piecemeal amendments to the nation\u2019s real estate tax could ultimately be just a stop-gap measure as the Finance Ministry mulls drafting 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":622549,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/04\/amendments-to-the-real-estate-tax-act-have-leaked\/","url_meta":{"origin":621745,"position":5},"title":"Amendments to the Real Estate Tax Act have leaked","author":"enterpriseam admin","date":"4 October 2018","format":false,"excerpt":"Proposed amendments to the Real Estate Tax Act have leaked: Proposed amendments to the Real Estate Tax Act were leaked yesterday morning by Akhbar Al Youm. The proposed changes are extensive, covering everything from the new real estate tax formula to how rented properties will be taxed, how properties are\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621745","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=621745"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621745\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621730"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621745"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621745"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}