Q. First of all, what is the real estate transactions tax?
Property disposal tax is part of the income tax and is due to the financier if he disposes of a property, and is paid for once when disposing of the property in accordance with the provisions of the law.
Q. What about calculating the value of the real estate disposal tax as of May 19, 2013?
The tax prescribed at 2.5% shall continue to be applied without a maximum of the value of disposal of the built property or land for construction whether the disposal is in its condition or after the establishment of the enterprises, and the entire property shall be All or part of the property, housing unit, etc.
Q. When to pay the real estate disposal tax?
The disposal shall pay the real estate disposal tax within 30 days from the date of disposition, which shall be paid by the disposer's tax commissioner or seller.
Q. What is involved in collecting the real estate transactions tax?
The Egyptian Tax Authority, in order to facilitate citizens' collection of the real estate transactions tax, is responsible for monitoring the collection of the real estate transactions tax from the legally charged seller without reference to the buyer Unless the buyer voluntarily applies for payment of this tax to the seller (alienator).
Q. What are the exemptions from the real estate disposal tax?
-. Units exempt from payment of real estate disposal tax are:
Housing units and land prepared for construction in villages are exempt from the real estate disposal tax.
2. The actions of the heir until July 25, 2018 in the real estate brought to him by his inheritance in case of inheritance
3. Property provided as an in-kind share in the capital of the shareholding companies provided that the corresponding shares are not disposed of for a period of five years
4- Properties that are taken away or donated to the public property.
5. Donate and donate to the relatives of assets, branches and forced sales.
6. Properties purchased from real estate companies, real estate developers or residential state projects
7-Agricultural Land Because It Pays tax on Agricultural land .
* In accordance with Act No. 91 of 2005 and its amendment and implementing regulations.
Q. What problems are there for those who have not paid their tax?
In case the disposer sells only his real estate (apartment or otherwise) and the buyer raises the invitation of his health and the effectiveness or validity of the signature in court Or register with the land registry His taxpayers will know about this act and make his own demands Later with his tax, interest and fines.
And even some problems that will be met from the tax If she does not pay her sheriff (property or otherwise), she is surprised by his tax demands, fine and interest as well as the request of the Central Bank and inquire about accounts belonging to the disposer to book them when they do not Interest in Paying His Tax Real Estate Transactions .
* * Provisions of the law governing the taxation of real estate transactions.
The Act No. 91 on income tax was introduced in 2005 and was amended in accordance with Act No. 158 of 2018; To become more concerned with real estate transactions tax The new law stipulates a tax of 2.5% without reducing the total value of disposal of land and real estate built within cities and not villages
The Real Estate Tax Act No. 56 of 1954, amended by Act No. 117 of 2014, prescribes penalties and fines for evaders of the payment of real estate tax on all properties built on the land of Egypt. Except as provided by law for exemption from payment
According to the law, defaulters are fined for paying the real estate tax in either the first instalment or the second instalment Pay for a delay of not more than 2% of the required amount of tax The interest rate announced by the Central Bank of Egypt shall depend on the timing of the claimant's claim for payment.
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