Real Estate taxes news

17 July 2019

There is a tax for the properties in Egypt from the long time ago, but only recently the owners of apartments in Hurghada, began to receive a receipt for payment. And it was a shock for most of them !!! The purpose of the tax service in the first place began to foreigners who do not live in their apartments and rent them out, getting income.

Real Estate taxes news

Let's understand, it's not so scary! At the moment, the notice comes randomly, because there is no systematic database of properties in Egypt at all. Receipt can come to your neighbor, and do not affect anyone else in the same building. How to calculate the tax? Internal Revenue Service estimates the potential revenue from the rental of the property in Hurghada, 70% of this amount is taken off, and only 10% of them it will be an annual deductible. Evaluation of the potential income is considered to be proportional to the price of apartment. But they account it by the cadastral value, NOT BY THE MARKET PRICE!!!. Accordingly, the amount of the tax is minimal !!! For example, a tax for the 3 bedrooms apartment in a nice complex, close to the sea, in the center of Hurghada is an average of less than 70 dollars a year. Pay slips should be in the taxes department of Hurghada- in Dahar.

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