Latest news with #LawNo.165
CairoScene
2 days ago
- Business
- CairoScene
Experts Forecast EGP 15 Billion Revenue Surge Following New Rent Law
Previously, under Law No. 49/1977, properties under old rent contracts were exempt from all property taxes. Aug 11, 2025 The Egyptian Association of Tax Experts (EATE) projects a minimum EGP 15 billion increase in state treasury revenues within the first year following the ratification of Law No. 165/2025, the updated Old Rent Law. Previously, under Law No. 49/1977, properties under old rent contracts were exempt from all property taxes and excluded from the general income tax base. The new law lifts these exemptions, subjecting these units to property tax and including their revenues in income tax calculations. Egypt has approximately 42 million housing units, of which 3.018 million (about 7%) fall under old rent contracts, including apartments, houses, shops, and garages. The new law categorises old rent units into three zones: premium areas, where rents are up to 20 times the old rate with a minimum of EGP 1,000 and most properties expected to be taxed; mid-range areas, where rents are up to 10 times the old rate with a minimum of EGP 400 and about half expected to be taxed; and economic areas, where rents are up to 10 times the old rate with a minimum of EGP 250 and no taxation expected. Rental valuations must be completed by survey committees within three months of the law's implementation, factoring in location, size, infrastructure, and service access. Property tax will be calculated as 10% of net rental value, after deducting 30% for residential unit expenses and 32% for commercial or administrative expenses.
Middle East
10-05-2025
- Business
- Middle East
OPEN// PM tours SCCT
PORT SAID, Egypt, May 10 (MENA) – Prime Minister Moustafa Madbouli inspected on Saturday the Suez Canal Container Company (SCCT) at the East Port Said harbor within the framework of his tour of the integrated East Port Said zone. The visit is meant to follow up on the company's activities and projects there. He was briefed about the current development works made by the company. Ashraf Abdel Shafi, Head of projects and development department at the company, said the Suez Canal Container Terminal is distinguished by its unique location at the northern entrance of the Suez Canal, with an area of approximately 1.2 million square meters and a quay length of 2,400 meters, with investments amounting to dlrs 1 billion. Kareem Tayeb, supervisor of the new extension project of the SCCT, said under the Egyptian state's vision to grant incentives for investment and attract more foreign investments, the Suez Canal Container Terminal company signed a concession agreement with the Egyptian state. This culminated with the President's signing of Law No. 165 of 2023, granting the commitment to finance, design, construct, operate, and maintain the second terminal to the Suez Canal Container Terminal company, he added. About 955 meters are added for the quay's total length to approximately 3,400 meters, with additional investments amounting to dlrs 500 million. This will make the terminal the largest in the Eastern Mediterranean region, with a handling capacity of 7 million containers. (MENA) K F E/M N E
