Printer Friendly
The Free Library
22,741,889 articles and books

Evaluating the new property tax law.



Summary: The Minister of Finance, Momtaz el-Saeed, held a series of meetings with officials of the Property Tax Authority to look into the implementation of the new property tax law and its amendments. This law came in response to calls from NGOs, federations of industrial, tourism and commercial chambers and business societies.

BY Amina Abdul Salam According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 Tarek Farag head of Property Tax Authority, the Minister issued instructions to assesss the law as early as July or next January in a trial run. He added that the tax in question wouldn't be collected yet, but after evaluating the situation, there would be an appeal period before the property tax law was actually implemented.

According to Al-Gomhuria daily newspaper, the tax authority is an executive body. It has already completed the assessment procedure in a number of governorates and towns.

The Government will decide on which date the law will be implemented.

Farag asserted that the law wouldn't be retrospective and some amendments had been added, such as allocating 25 per cent of property tax revenues to the development of shanty shanty, in music: see chantey.  towns. These amendments would be submitted to the People's Assembly People's Assembly refers to various legislative bodies:
  • Albania – People's Assembly
  • Algeria – National People's Assembly
  • Burma – People's Assembly
  • Egypt – People's Assembly of Egypt
  • North Korea – Supreme People's Assembly
 (the Lower House of Parliament) for approval. Farag mentioned that a number of meetings were held with officials of the Industrial Chambers Union to identify the criteria for the assessment of manufacturing companies.

Farag noted that a co-operation protocol was signed by the Property Tax Authority and its counterpart in Lithuania and the Netherlands in view of benefiting from their vast experience in property value assessment. He added that the Authority formed committees to conduct assessments of factories and tourism establishments, and that the owners had co-operated eagerly by providing all necessary data.

Farag noted that the implementation of the new law would not only provide the treasury with much-needed resources, but also lead to more discipline in the property market. He stressed that the Property Tax Authority and the Survey Authority needed to create a database to collect all available information on properties and their value.

Farag noted that the new property law had many advantages compared to the old one. It would tax luxurious housing units such as villas on the North Coast, Sharm el-Sheikh, Hurghada, New Cairo New Cairo is a planned community in the Al Qahirah governorate of Egypt. It is to be the home of the American University of Cairo and the German University in Cairo. Parts of New Cairo include Rehab City. , 6th October and Sheikh sheikh
 or shaykh

Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders.
 Zayed. They didn't pay any taxes, while properties in highly populated areas already did.

Copyright Eltahir House 2012

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2012 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:The Egyptian Gazette (Cairo, Egypt)
Date:Jun 20, 2012
Words:401
Previous Article:Percentage module.
Next Article:Egypt: Realpolitik is urgently needed.
Topics:

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters