As the 31 March deadline for submitting real estate tax declarations approaches, the Real Estate Tax Authority has so far received 12 million declaration forms, with more submissions expected in the next three days.
Tax authority chairman Tareq Farrag said Giza Governorate alone has been submitting 6000 declarations a day. He added that the tax authority will begin examining all tax statements immediately after the deadline expires. The deadline will not be extended, he said.
Farrag said the ministers of finance and tourism will meet at a later stage to determine the basis for assessing the tax for hotels and tourist resorts.
Declarations are submitted directly by real estate owners or their representatives, through a power of attorney.
Finance Minister Adviser Alaa Samaha said declarations relating to property that is still under construction will be accepted after the deadline, once the construction work is complete. However, declarations for commercial centers that have been completed but not yet opened must be submitted before the deadline.
Finance Minister Youssef Boutros-Ghali said on Thursday that 82 percent of Egyptians live on property estimated to be worth worth less than LE200,000; ten percent live on property worth between LE200,000 and LE400,000; while five percent live on property worth LE500,000 or more. Boutros-Ghali said the first two categories will be exempt from any fine if a declaration is not submitted.
Translated from the Arabic Edition.
