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Egypt hotels criticise new property tax plan
- Egypt: Monday, April 15 - 2013 at 05:06
Egypt's Cairo Chamber of Commerce (CCC) has criticised plans by the Egyptian Tax Authority (ETA) that will force tourist facilities in the country to start paying real estate tax from next July, Daily News Egypt has reported. The tax has been postponed for the last five years. "This is definitely not the right time to apply such a tax," said vice chairman of the tourist hotels division at the CCC, Nagy Erian. "Hotels have some tourists, but they are selling their services at a loss in order to retain staff," Erian added. "What the tax authority is doing is not right and this doesn't happen anywhere else in the world. When it does, it is not applied according to market rates, but through a thorough evaluation of the buildings themselves and the land they are built on."
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