Shura Council Speaker Safwat Al Sherif affirmed that the Council is most keen to achieve social justice and that the Council is siding with the poor and the limited income people.
The Shura Council started discussions Monday12/5/2008 on the new bill on real estate taxes. Al Sherif added that the council would take its due time to consider this bill as there is no need to hurry up in adopting hasty decisions and that the bill will never be endorsed if it did not achieve social justice in the distribution of tax burdens to protect the poor.
Youssuf Boutros Ghali Finance Minister said he approved lowering real estate tax from 14 percent to 12 percent as put by the Shura Council committees and that exemption would go up from L.E 600 to L.E. 2800.
All slum houses and those paying old rents and those having real estate with a value of L.E. 300,000 would be exempted from real estate tax.
Ghali added that the revenue expected of the real estate tax in the first year is L.E. 175 million which could go up to one billion pounds in three years time
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