Deputy Minister of Finance: Government seeks to update real estate tax system
Sharif Al -Kilani, Deputy Minister of Finance, said that the real estate tax affects a wide segment of citizens, and if it is not disciplined and clear, this leads to a legislative and administrative imbalance that should be addressed. He also pointed out that the government seeks to modernize the system in line with scientific and technological developments, through a new draft law that addresses existing distortions.
The Deputy Finance Minister explained that there is a study to increase the value of the tax exemption in real estate taxes to include residential units whose market value does not exceed 4 million pounds, in order to alleviate citizens and take into account the current economic reality.
This came during the plenary session of the Senate chaired by Chancellor Abdul Wahab Abdul Razzak, to study the legislative impact of the Tax on Built Real Estate Law, issued by Law No. 196 of 2008, in light of the report of the Joint Committee from the Financial and Economic Affairs Committee, and the Office of Industry, Trade and Medium, Small and Micro Enterprises (MSME) regarding the study submitted by MP Akmal Nagaty.
Akhbar Al -Youm Newspaper