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Tuesday, 26 June 2018

Gov’t plans to issue “clear and simplified” guidelines for tax assessment of real estate

LEGISLATION WATCH- The Madbouly government is gearing up for a major overhaul of how real estate taxes are calculated, sources with knowledge of the matter told Enterprise yesterday. The government has reportedly decided to leave the tax regime unchanged for now as it as it works on a new formula that would set “clear and simplified” guidelines for the tax assessment of industrial properties, hotels, ports and airports, our sources told us. The aim of the changes, which would apparently require the assent of the House of Representatives, is to boost the state’s haul from real estate taxes on industrial and commercial properties. The government is on track to collect as much as EGP 5.3 bn from real estate taxes in the next fiscal year, up from EGP 3.5 bn this year.

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