In a new law, Minister of Finance Mohammed Moaet stated on Monday that the country’s tax exemption on buildings has been raised from LE18 to LE24,000, whether the owner holds one residential building or more.
The law allocates 30 percent of the annual rent of residential buildings for maintenance works, Moaet added, which aims to “protect the value of real estate in Egypt”.
The law also allocates 32 percent of the annual rent of non-residential buildings for maintenance works.
Moeat noted that the building tax dates back to 1880, and in that time collected around LE5.2 million per year, accounting for over 60 percent of the country’s revenues.
Finally, the minister stated that 50 percent of building tax revenues would be allocated to developing municipalities and squatter areas, with 25 percent each.
Edited translation from Al-Masry Al-Youm.