Proceeds of property taxes expected to hit EGP 3.5bn in Egypt

The proceeds of property taxes are expected to hit 3.5 billion pounds within a year, said adviser to the finance minister for property taxes Tarek Farrag.
Speaking before the 10th Money and Finance Conference, 2014 held under the rubric "Economic Growth Management in Egypt", Farrag said residential properties with annual rental values less than 24,000 pounds will be exempted from paying taxes.
The property tax law will be intact for five years, he said, adding that an agreement was reached with the ministry of industry to put standards to asses the market value of factories.