Real Estate Registry Tax Amendments Might Be Postponed to the End of the Year

Giving More to Your Wealth
01 Mar 2021

Real Estate Registry Tax Amendments Might Be Postponed to the End of the Year

Controversial amendments to the Real Estate Registry Act look like they will be introduced at the end of December instead of this coming Saturday, after the Madbouly Cabinet submitted proposed legislative amendments allowing the prime minister to postpone the changes coming into effect, according to a statement. The House of Representatives will put the proposed postponement to a discussion later today, after receiving preliminary approval from the Constitutional Affairs Committee yesterday, committee undersecretary Ali Badr told Ala Mas’ouleety’s Ahmed Moussa. New changes will likely be introduced to the bill to no longer make getting access to basic utilities contingent on paying the 2.5% property disposal tax.

Until the bill receives a final vote, the property disposal tax will not be applicable to any properties that are registered, Real Estate Registry head Gamal Yacout explained to Moussa. And if your property is already connected to basic utilities, there’s nothing forcing you to register your property, since the bill does not retroactively revoke utility access, Yacout explained to Kelma Akhira’s Lamees El Hadidi. If you want to change the name that shows up on your electricity bills, however, you will need to go through the registry process, Cabinet spokesperson Nader Saad told Lamees. The levy can be paid in installments, Saad said.

Only 5% of apartments and other properties across the entire country are actually registered at the Real Estate Registry, Justice Minister Omar Marwan told El Hekaya’s Amr Adib. (Source: Enterprise)


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