Egypt approves property law
05/06/2014 11:35 am EDT

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The Egyptian cabinet has approved the presidential amendments made on the property tax law, which was originally passed in 2008, Daily News Egypt has reported. The new amendments include the collection of the taxes in the calendar year, which begins in January, and not the fiscal year, which begins in July. Under the law, which will be applied to the owners of residential and commercial units, residential units, which have a monthly rental value of EGP2,000 or less, and commercial units, which have a monthly rental value of EGP100 or less, will be exempted from taxes.

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