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Useful information for Real Estate Purchase in Egypt

1. Procedures for the tax authority:
- Submission of documents to the tax authority - once when buying real estate.
- Revaluation of real property takes place once every five years. Local Committee conducts property valuation when the tax authority.
- Receipt of the notice on the tax on real estate - annually in the month of July. You can pay in equal installments of not more than 2 times a year (December and June).
Note: Services lawyer to represent your interests in the local tax authority may represent M & M Group.

2. Law №196 / 2008 «About the tax on immovable property" includes punitive measures applied to violators of the execution of this Law:
1) If the owner real estate does not provide the tax authority within the specified time, it is subjected to a fine of up to 2000 LE In case of repeated failure to submit the Declaration of the size of this penalty is doubled every year.

2) In the case of incorrect information about the owner of real property is subject to a fine of 5000 LE In case of repeated action of the size of this penalty is doubled every year.

3) If lessor does not providing to the tax authority of the Declaration of income from the lease immovable property, shall apply punitive measures, the declared Law №91 / 2005 "tax":
- If the report (Declaration of income) is not submitted on time, the amount of the penalty is - from 2000 to LE 10,000 LE. If the case of the declaration of income is repeated, the amount of the fine will be doubled.
- If somehow real estate owner who receives income from its lease, tax evaders, doubles the amount of taxes, or apply a more severe punishment.

4) What should I observe? The area of the property is indicated on the outer perimeter of the walls, including terraces and balconies, as well as plus share of the common areas. The actual living area will be less than that specified in the contract of sale.