Representative Abdel Moneim Imam, Undersecretary of the Planning and Budget Committee in the House of Representatives, rejected amendments to some provisions of the Built Real Estate Tax Law issued by Law No. 196 of 2008.
Imam said, during the Plan and Budget Committee meeting today, Wednesday: “The problem in Egypt is that the tax collection rate is at its lowest levels, and the tax bracket is collected from a very small segment, and we are far from the global rate, every time it goes to the same fund for the same financier.”
He added: “The simple Egyptian citizen travels abroad throughout his life to build a house and hides in the house without paying rent. He says, ‘I worked, owned the house, and lived my life so that you can pay me a tax.'”
He continued: “We need a real estate tax, but the problem with the law is that we cannot talk about an amendment. It needs to be completely reviewed.”
Imam demanded that the original residence be exempted.
