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Phillip Fry
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Egyptian Parliament
Approves New Property Tax Law The Egyptian Parliament approved a new property tax law that
will tax properties at 10% of their rental value. The rental value is
calculated as 1.8% of the property's total value for units that are worth up
to EGP5.5 million and 2.4% for units above that value, according to the
law's draft. The law in its final draft exempts properties worth less than
EGP500,000 (USD104,000). A maintenance cost of 30% for residential
properties and 32% commercial units will be subtracted from the rental value
of the unit. The law also exempts hospitals, government offices, political
party headquarters and educational buildings. Minister of Finance Youssef
Boutros-Ghali said that the government, after doing social research, will
the pay the tax for any citizen unable to pay. He added that the law will
apply to only 2.1% of the population.
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