President Abdel Fattah Al-Sisi has ratified Law No. 23/2020 amending certain provisions of the Real Estate Tax, based on Law No. 196/2008. The presidential ratification comes after the amendment was approved by parliament.
The amendments aim to minimise tax liability on factory owners and encourage certain productive sectors and strategic services.
The amendments add that land subjected to the real estate tax is already being used according to what is determined by the executive regulations of the Real Estate Tax Law.
The new amendments authorise the cabinet to approve tax exemptions on completed properties used in productive industries and strategic services for a specified period as determined by the cabinet.
The exemption decision is based on the suggestion of Minister of Finance Mohamed Maait in order to encourage these activities and services.