Wednesday, April 14, 2021

Marawan: The government is preparing a project to end the entanglement of collecting tax on real estate transactions between “finance” and “real estate registration”

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Counselor Amr Marawan, Minister of Justice, said that the Ministry of Finance agreed, through a cabinet meeting today, to end the interlocking of collections of the real estate disposal tax amounting to 2.5% of the resale value between it and the Real Estate Registry.

Marawan added during a telephone interview with the Al-Hekaya program on MBC Egypt that the draft amendments that will be amended to the real estate registration processes will be the role of the real estate registry to inform the Ministry of Finance about the real estate disposition, and the ministry will be responsible for collecting the real estate disposal tax from the seller.

He pointed out that the last period was the real estate registry to collect a tax on real estate transactions from the buyer in order to be able to pay off his ownership of the property.

He pointed out that registering the property guarantees that the residential property will not be sold to more than one person, and that it also contributes to activating the mortgage operations and obtaining bank financing with the guarantee of the property.

He stated that services are being provided to real estate without registering ownership, provided that the transfer of ownership takes place based on the registered contract.

The article Marawan: The government is preparing a project to end the entanglement in the collection of real estate tax between “financial” and “real estate registration”. It was written in the Al-Borsa newspaper.

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