Govt. issues legal amendment to property taxes

The Cabinet approved on Monday a presidential draft decree to amend certain articles in the laws regulating taxes on property, state-owned EgyNews reported.

The new amendments would only impose taxation on housing properties with rent worth more than LE24,000 per year, while taxation on commercial properties would be imposed on those with rent worth more than LE1,200 per year.

The law would also stipulate the forming of evaluation committees to examine the rent value of properties, with regards to their geographical location, facilities, and building quality.

Property owners would be able to submit appeals against the decisions of the evaluation committees.

The decision follows a similar decree by the Cabinet to impose a 10 percent capital gains tax and dividend tax, causing a wave of criticism among stock market investors.

The dividends tax would be set at five percent for people who have owned 25 percent of a company for more than two years, and 10 percent for others.


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