MP reveals new bill to impose 10% fee

As part of the Egyptian parliament's efforts to maximize state resources to ease the budget deficit, many proposals have emerged to raise more funds for the public treasury.

In this regard, Egyptian MP Mohammed Badrawi announced they are preparing a bill will be presented to parliament in the third session, on the adoption of a development fee of 10% of the bill for villas, palaces and luxury apartments.

As for the bill's legal description of it, the MP explained during an interview with Arabs Today that it is development fee and not a tax one, as there is already a real estate tax that is collected on most properties in Egypt.

On the benefit of this fee, MP Badrawi, stressed that imposing this fee will have a positive return in bridging the budget deficit of the state, as well as providing large funds to be directed to infrastructure and national projects.

He added that this fee is in the interest of the poor, because it falls within the principles of social justice, adding the owner of the villa or palace who pay 3 or 4 thousand will pay another 400 pounds.

As for duration of this fee, Badrawi set only 3 years to apply this fee. As for the number of villas and palaces in Egypt, the MP explained during the interview that he does not know the number, stressing that the state authorities have accurate statistics in this matter.

Source: BNA