The Ministry of Finance announced on February 10 that the proposed amendments to the current real estate tax law will soon be finalized, Invest-Gate reports.

This comes within the framework of the reform package for the new FY, which includes the development of the real estate tax system. The law will be presented to different sectors of society and civil society organizations, in preparation to be passed to the cabinet and then to the Egyptian parliament, according to a recent ministerial statement.

The ministry is not considering canceling the tax exemption for private houses worth of EGP 2 mn, the statement added, revealing that the proposed amendments to the current real estate tax law include mechanisms to eliminate differences in the assessment of the tax value and to reduce the burden on the productive and industrial sector.

Through the real estate tax, the state aims to develop the system of Egyptian real estate wealth through different mechanisms, including the inventory and evaluation of this wealth, as well as, the allocation of 50% of the total annual tax revenue for the development of localities and slums.