Friday, April 16, 2021

Finance: Amending the real estate tax is one of the solutions to the apartment registration crisis

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Mohamed Hesham, an advisor to the Minister of Finance, said that all solutions are currently on the table regarding the possibility of reducing the value of the real estate tax and are discussed in the amendments to the Real Estate Registration Law.

He added that the registration fees for real estate do not belong to the Ministry of Finance, but the fees are related to the Ministry of Justice and Taxes, and the value of the fees enters the state treasury.

Hisham added during his interview with a program on my responsibility, the broadcaster via the Sada Al-Balad satellite channel, that the problem lies in the registration procedures and other fees attached to registration, explaining that the tax charges for tax actions were 5% and were reduced to 2.5%.

He explained that the real estate tax is on the seller and not the buyer, pointing out that the tax is not a levy, and the taxes are collected so that the state performs its functions and is collected from the income earners.

The Financial Article: Amending Real Estate Tax. One of the solutions to the apartment registration crisis was written in Al Borsa newspaper

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