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Wednesday, 17 October 2018

Parliament committees to discuss Real Estate Tax Act amendments this month

LEGISLATION WATCH- Parliament’s housing, econ committees to discuss amendments to Real Estate Tax Act this month: The House of Representatives’ economics and housing committees are expected to meet sometime this month to discuss proposed amendments to the Real Estate Tax Act, housing committee chair Rep. Alaa Waly tells Al Masry Al Youm. The proposed changes cover everything from the new real estate tax formula to how rented properties would be taxed, how properties would be appraised, and avenues for appeals. Waly stressed that parliament will not be scrapping the tax, but noted that President Abdel Fattah El Sisi has called for the amendments to be “revisited” to be more considerate of low-income citizens. According to Waly, his committee will be done with the proposed amendments before the end of 2018. He made no mention of the fate of the Returns Act — the rival legislation drafted by some MPs who are unhappy about the proposed changes to the Real Estate Tax Act.

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