The Egyptian Real Estate Tax Authority has published a booklet including the conditions for exempting privately owned houses from real estate taxes, Invest-Gate reports.

As per the booklet, units valued at less than EGP 2 mn and those with a rental value of less than EGP 24,000 annually are exempted from any real estate taxes, according to a statement by the Ministry of Finance.

Exemption seekers should present to the authority the ownership or rental contract, a utility bill, and a photocopy of the national ID.

Finance Minister Mohamed Maeet has extended the deadline for paying real estate taxes to October 15 instead of August 15.

Real estate taxes was introduced in 2008 and implementing it was postponed until it became crucial to bridge the state’s budget deficit. 

Property taxes are expected to generate around EGP  5.4 bn in additional government revenues in FY 2018-19, according to Al Ahram Online.