Hi all, i have been waiting for an answer on the stamp duty question from a big independent law firm in Cairo. Please see answer below, hope this helps.
Dear Neil
Apologies for the delay in getting back to you. The equivalent of UK stamp duty in Egypt is registration fees. These are charged on a proportional basis, but currently capped at EGP 2,000 (GBP 200 approx). There may be other fees involved in registration, but these should be nominal in value. There should therefore be no need to understate values and I would strongly advise against this. This would have an impact on any capital gains due upon resale. Property tax (equivalent to rates in the UK) is also payable on an ongoing basis for which there is a threshold. This is expected to be EGP 500,000 pursuant to a new tax law due to be published in the next week or so.
|