Real estate tax revenues increased 70% year-on-year in the first half of FY2017/18, MENA News Agency quotes Amr Al-Munir, Deputy Minister of Finance for Tax Policies as saying.

Real estate tax revenues amounted to EGP 1.6 bn in the first half of FY2017/18, Al-Munir notes.

Total tax revenues rose 62% year-on-year to reach EGP 249 bn in FY2017/18.

To be paid annually on January 1 of every year, the real estate tax rate is 10% of the annual rental value after deducting 30% for residential units and 32% for non-residential units for any maintenance expenses the taxpayer bears.