Egyptian government plans to allocate half of real estate tax returns in favour of plans to upgrade slums and governorates.
Egyptian Prime Minister Ibrahim Mahlab witnessed on Tuesday the signing of a protocol on cooperation between Ministries of Finance, Local Development, and Cultural Development on Tuesday. The protocol aims to regulate using 50 % of real estate taxation returns to develop slums and governorates.
According to Egyptian Finance Minister Hany Demian, the protocol aims to reach a clear mechanism to allocate part of real estate taxation returns in favour of each governorate in Egypt as well as of the Ministry of Cultural Development.
According to the protocol, 25% of real estate taxation is designated for developing slums; whereas the other 25 % would be for developing various governorates.
