CAIRO: Real estate tax regulations will come into effect by July 2014, said Minister of Finance Dr. Hani Kadry Sunday, reported Youm7.
The delay in applying real estate taxes caused the Egyptian Tax Authority to lose 4 billion EGP in possible income, Kadry said during his inspection tour to the self-employed tax directorate in Nasr City.
The Cabinet, headed by Prime Minister Ibrahim Mahlab, agreed in a March 6 meeting to reshuffle a number of regulations concerning real estate taxes, including an exception of nonresidential properties for which the annual rent is less than 1,200 EGP ($172), and housing units whose annual rent is less than 24,000EGP, Egy News stated.
Kadry said the new budget for the next fiscal year 2014-2015 will include an additional 130 billion EGP through boosting the tax base and increasing production, with a goal to decrease the budget deficit to 10 percent instead of the current 12 percent of the fiscal year.
Additional reporting by Mona Diaa.