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TDA handed data of 67k housing units in North Coast and Sokhna to RTA

Sunday 09 September 2018 08:16 PM

Ain Sokhna
Ain Sokhna

By Ahmed Ashour
Egypt's Tourism Development Authority handed Real Estate Tax Authority a detailed list of up to 67,000 tourist housing units built over lands affilated  to TDA and to 155 developers in the North Coast, Ras Sedr and Ein Sokhna.
The move aims at enabling RTA to place  tax on properties across the country, as the latter has asked developers to bring forth full details about the clients in order to determine the tax in pursuance with the pertinent legal provisions, according to informed sources.
Developers were warned by RTA that failure on their part to deliver the clients' data will drive RTA to place tax on their units, the sources added.
Head of RTA Samia Hussein announced that RTA had collected EGP3bn in the past fiscal year, adding that  less than EGP2mln housing units can only be exempted from the tax.
Minister of Finance Dr. Mohmed Maeet issued late in August a decree extending the tax collection grace period nationwide to October 15. Also, owners of housing units in the North Coast and Ein Sokhna were allowed to submit their tax declarations in RTA's headquarters in Cairo.
TDA played pivotal roles in calculating  property tax imposed on hotels through taking into account the overall investments costs, number of stars and their respective particular characteristics.