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المصري اليوم
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Income Tax Law Amendment on Property
The recent amendments to the Income Tax Law focus on increasing the tax rates imposed on real estate and developed land transactions. A tax rate of 2.5% is now levied on the total value of the transaction, whether the properties or lands are owned by the taxpayer or a third party, and this applies to all types of transactions without exception. The amendments also include levying taxes on capital gains resulting from dealings in shares not listed on the Egyptian Stock Exchange, whether the gains are realized domestically or abroad. The law specifies how to calculate these gains and mandates their payment within 60 days of the transaction. Additionally, certain transactions, such as compulsory sales and expropriation by public authority, are exempt from taxation. The aim of these amendments is to organize and collect taxes more accurately and transparently, while establishing rules for real estate dealings and capital gains to ensure compliance by individuals and institutions.
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