The Egyptian Real Estate Taxation Authority (RETA) has exempted approximately 1.2m residential units from the new taxes law, according to a Ministry of Finance press release on Monday.
The change will see that families with units worth less than EGP 2 m will not be taxed.
The release stated that approximately 3m tax forms have been sent to units’ owners for their tax payments.
In November 2014, the Ministry of Finance completed executive regulations for amendments to the new real estate tax law and forwarded the regulations to the Fatwa and legislation sections of the State Council for review.
The regulations also included property tax tables for additional units and private housing, for which the value exceeds the exemption limit of EGP 2m. They come in addition to administrative, commercial, and professional units, and Form 6, which specifically deals with tax exemption.
RETA Head, Samia Hussien, said that owners of units worth less than EGP 2m have already received official certificates of tax exemption to their units after their demands.
Hussien added that whoever received the notification of tax assessment and deserve the exemption should submit the required documents, including: a photocopy of the national ID, including the address of the unit to be exempted; and a utility bill, such as electricity, water or telephone.
On another hand, Hussien revealed the inauguration of the new headquarters in the New Valley governorate, which came in the framework of RETA’s expansion plan. It facilitates services to the citizens in the light of the implementation of the new real estate tax law.