Real Estate Taxes to be Automated

Real Estate Taxes to be Automated

Egypt’s finance and military production ministries signed on July 17 a cooperation protocol to automate the country’s real estate taxes, coming as part of the state’s plan to attain financial inclusion through the automation of all payments, Invest-Gate reports.

Under the deal, which was inked between Minister of Military Production Mohamed El Assar and Finance Minister Mohamed Maait, Ministry of Military Production shall establish an accurate electronic database of all owned real estate units, according to a recent official statement.

While aiming to guarantee a more efficient system for all financial transactions, and providing more reliable performance and services, the new database is also meant to ease taxation payment, in line with the new real estate tax law. 

Besides, data entry workers will contribute to the automation process and will provide the finance ministry with soft copies of all files and documents on a monthly basis.

In real estate taxes, the units are divided into four categories: finished and occupied units, properties that are finished but non-occupied, those unfinished yet occupied such as garages or storehouses, and unfinished and unoccupied units. Under the new bill, owners of all aforesaid properties have to pay taxes, except for the last-mentioned ones. 


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