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Egypt’s new real estate tax to go into effect in 2013

Egypt's finance minister, Momtaz El-Said has announced the country's new real estate tax is to go into effect starting January 2013, Ahram has reported. The heavily criticised law was originally issued under the regime of Hosni Mubarak. According to El-Said, the law has been amended to overcome many of the problems of the original draft. After modification, the law exempts a person's home from the tax. It also states that 25% of the tax receipts will be routed to developing slum areas. El-Said estimates that the total annual revenue of the tax will reach LE2 billion.