Major payment issues hinder real estate taxation: Finance minister

Finance Minister Hany Kadry Dimian said current real estate taxation is hindered by significant payment issues despite not being applied for the lower and middle classes. He said that only 10% of housing units pay the tax, which will not exceed a very small part of the housing unit price annually.

Dimian announced in a statement that anyone who owns a house worth less than EGP 2m will be exempt from taxes. Those who own real estate worth EGP 5m will pay a tax of EGP 3,500 annually, or EGP 291 monthly. This legislation allocates 50% of the tax payments for the development of slums and poor areas.

During a meeting with the Rotary Club of Heliopolis‎‏ on Tuesday, Dimian added that the government began issuing public payment machines for all governmental payments. This includes customs, taxes, and rent, which will help provide around EGP 3m-4m to the state treasury.