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Monday, 11 April 2016

Federation of Egyptian Banks calls for real estate tax exemption for banks holding foreclosed properties

The Federation of Egyptian Banks (FEB) is preparing a memo that will be submitted to the CBE calling for banks holding foreclosed properties to receive a tax exemption, FEB board member Adnan El Sharqawi told Daily News Egypt. The memo requests that CBE governor Tarek Amer address the new Finance Minister Amr El Garhy, he added. The FEB held several meetings with the CBE and the Finance Ministry led by former Finance Minister Hany Dimian, but a solution was not reached. “Banks are to pay real estate tax of 5% on all its real estate assets, including its headquarters,” he adds, noting that the banks refuse to pay tax on real estate they obtained from defaulting customers, as these properties do not generate any revenue. (Read)

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