Real Es­tate De­vel­op­ment Law to be is­sued within five months

Real Es­tate Tax Law has been ap­proved, will be is­sued within 1 month

The Daily News Egypt - - News - By Shaimaa Al-Aees MP’s hous­ing com­mit­tee mem­ber Mo­hamed Ab­del Ghany

In the cur­rent par­lia­men­tary ses­sion, it has to is­sue some real es­tate laws, namely, the Real Es­tate De­vel­op­ment Law, the Real Es­tate Tax Law, the Uni­fied Build­ing Law, the Rec­on­cil­i­a­tion of Build­ing Vi­o­la­tions and the Ten­ders Law, ac­cord­ing to MP’s hous­ing com­mit­tee mem­ber Mo­hamed Ab­del Ghany.

Ab­del Ghany said that the Real Es­tate De­vel­op­ment Law will be is­sued within five months.

Fur­ther­more, Ab­del Ghany noted that the draft law is cur­rently be­ing dis­cussed by the hous­ing com­mit­tee in the min­istry of hous­ing, and is ex­pected to be sub­mit­ted to the par­lia­ment in Fe­bru­ary to be dis­cussed and ap­proved.

The Real Es­tate De­vel­op­ment Law was sub­mit­ted by the Real Es­tate De­vel­op­ment Cham­ber at the Fed­er­a­tion of Egyp­tian In­dus­tries.

The law is be­ing dis­cussed as there are some dis­putes sur­round­ing the law, in ad­di­tion to some reser­va­tions by de­vel­op­ers on the pe­riod of com­plet­ing projects, their de­liv­ery dates, and fines im­posed on them.

The law aims to pre­serve the rights of all par­ties, con­sumers, de­vel­op­ers, and the state, he in­di­cated.

Ad­di­tion­ally, he ex­plained that the law reg­u­lates the of­fer­ing of lands at af­ford­able prices and ob­li­gates de­vel­op­ers to ful­fil their re­quired du­ties in time and com­mit to the spec­i­fi­ca­tions of the con­tracted prop­erty.

More­over, Ab­del Ghany dis­closed that the Real Es­tate De­vel­op­ment Law and the Uni­fied Build­ing Law are sup­posed to be is­sued be­fore the end of cur­rent leg­isla­tive ses­sion.

For his part, Alaa Waly, head of the par­lia­ment’s hous­ing com­mit­tee, he said that the Real Es­tate Tax Law has been ap­proved and will be is­sued within one month.

Waly added that the amend­ments of the law com­prise of four ar­ti­cles, namely the price of the units.

He elab­o­rated that the amend­ments stip­u­late that the tax rate shall be­come the sum of the area of the tax­able prop­erty in the es­ti­mated amount per square me­ter of this area, af­ter de­duct­ing 20% of the es­ti­mated value of each prop­erty for the premises used for hous­ing pur­poses, and then de­duct­ing 15% for premises used for non-hous­ing pur­poses.

The par­lia­ment has ap­proved in its ple­nary ses­sion on 23 De­cem­ber 2018 a fi­nal draft law sub­mit­ted by the gov­ern­ment on the amend­ment of some pro­vi­sions of the Real Es­tate Tax Law No 196 of 2008.

Waly ex­plained that the amend­ment states the bound tax shall be due to the first es­ti­mate as of July 1 2013, and as of Jan­uary 1 of each year, in ac­cor­dance with the pro­vi­sions of the law. Ad­di­tion­ally, this es­ti­mate is to be con­tin­ued un­til the end of De­cem­ber 2021.

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