Dear All,
I am just a new member at the Forum.
I would like to buy the apartments in Sharm to enjoy sun and sea.
But before purchasing it will be worth to clear the issue of taxation up.
Before to start this poster I’ve read the tread Taxation in Egypt and found a very interesting links that Queenie posted (#2). Sorry, but I can't paste the links not being the Active Member.
Regardless of many publications and articles that make flashy the information about absence of taxation I realized that there is plenty of it.
Considering the text of the article I counted several and have questions on them.
"Republic of Egypt - Legal Information - IPR Country Guide" AND "See Property Tax In Egypt"
According to the first one - Arab Republic of Egypt - Legal Information - IPR Country Guide - has this law already been ratified and does this apply for the foreigners as well? Sorry, but I did not get the meaning of this abstract: "Under the current property tax law, a 40 percent tax rate applies to non-agricultural land and real estate in Greater Cairo and other big cities".
I have not heard about this 40% yet. Just 40% from what?
According to the other link - as I am as a foreigner would decide to sell my apartment I should own in sale taxes 2,5% of property value. Is this correct in case of one has a landlord property and not land lease?
So, if I am a Russian resident, do I avoid an inheritance tax as British according to the article? Just would somebody confirm, please, that nowadays in Egypt there are no Stamp Duty and Capital Gains Taxes?
Also it is stated in the article that 50% of the balance annual rent income is owned in taxes in amount of 20%.
Does this also spread to the land lease property and fairly for foreigners? Just glance at the example - it must be a mistake with calculation: 20% from the LE 48000 is definitely LE 9600 and not 6100 as written or am I wrong with calculations and is it not 20%?
I would be much obliged if anyone makes these points clear and I think it will be of great value for all other users to discuss these two articles.
Besides, I would very much appreciate if legal experts that are presenting at this forum comment on this topic.
Thank you much for any comments,
Kind regards,
Veronichka.
