In a new law, Minister of Finance Mohamed Maait stated on Monday that the country’s tax exemption on buildings has been raised from 18 pounds to 24,000 pounds, whether the owner holds one residential building or more.
The law allocates 30 percent of the annual rent of residential buildings for maintenance works, Maait added, which aims to protect the value of real estate in Egypt.
The law also allocates 32 percent of the annual rent of non-residential buildings for maintenance works.
Maait noted that the building tax dates back to 1880, and in that time collected around 5.2 million pounds per year, accounting for over 60 percent of the country’s revenues.
Finally, the minister stated that 50 percent of building tax revenues would be allocated to developing municipalities and squatter areas, with 25 percent each.
Source: Al-Masry Al-Youm
