To discuss the real estate tax law, its difficulties and application changes, the Canada Egypt Business Council (CEBC) and the Egyptian Business Council for International Cooperation (ECIC), has had the honor of hosting Dr. Samia Hussein (Head of the Real Estate Tax Authority) to a committee meeting which successfully took place with several officials, business men & prominent figures in the Egyptian community.

Dr. Samia Hussein, head of the Real Estate Tax Authority, said that the proposed amendments to the real estate tax law include granting powers to the Prime Minister and Finance Minister as well to approve the specific advantages and facilities of certain entities, industries and companies in accordance to their vision and direction of the state. Dr. Samia ruled out prejudice to the exemptions approved by the Real Estate Tax Law in the light of the new amendments, but only to approve the decisions made by the Prime Minister and Minister of Finance.

She also added that the amendments to the law include the formation of a pricing committee for each mission that receives the prices of whoever is appointed, such as urban communities, industrial development and engineering departments in the governorates. Hussein added that the amendments ensure that the tax office does not challenge the value, with the taxpayer retaining his/her right to appeal.

Dr. Hussein called on the state agencies to work together to activate the real estate register in light of the fact that registered real estate at the level of the current republic does not exceed 3%. It was also mentioned that the number of real estate declarations with sound data provided to the authority amounted to 1.2 million credits out of a total of 10 million advanced financers for a total of 19.2 million real estate units. She pointed out that the authority has not yet done penalties for violators who did not submit to them the expansion of the purchase for a new unit without notification, as well as many applicants’ incorrect data.
Dr. Hussein pointed out that within a period of 2 to 3 months, the Real Estate Tax Authority will launch a center for senior financers, and that a structure has been developed for senior financers which was sent to the Central Organization for Management and Administration.

Overall, the seminar was very successful with a very eager audience that had a lot of questions, where then quiet a good room was left for the Q&A’s.