Badr El-Din submits a draft law for the amendment of the Law on Real Estate Tax

MP Ashraf Badr El-Din of the Muslim Brotherhood Parliamentary bloc, and the Plan and Budget Committee submitted a draft law for the amendment of some articles in the tax law on Real Estate No. 196 of 2008.

He stressed that failure to notify citizens of potential debts as provided in Article 6, under the illiteracy band, and the imposing of fines on the debtor if late or subjecting them for punishment is a blatant arbitrary action by the administration against financiers.

He pointed out that Article 14 provides that each financier must submit an annual financial statement and a tax declaration.  The article stipulates that any increase or amendment to the property must be recorded and reported and any failure to do so will result in large fines and punishments. The MP’s call for the amendment of this article.

MP’s also objected to the taxes imposed on houses which were solely used for residence bringing in no additional income to the owners. In addition to this, Article 24 forces the tenants to pay the tax hence causing many problems between the property owners and tenants.

Countries which follow the system of tax collecting on real estate adhere to these measures in an attempt to increase local revenue and community development.