During a plenary session chaired by Counselor Essam Farid, the chamber voted to expand the tax exemption to include residential units with a market value of up to 8 million Egyptian pounds. The Senate’s decision doubles the 4-million-pound threshold initially proposed in the government’s draft.
The legislation amends Law No. 196 of 2008, which governs
taxes on built properties.
The Senate also approved a government-proposed article
requiring the Minister of Finance to issue updated executive regulations for
the law within six months of its enactment. Until these new regulations are
finalized, current bylaws will remain in effect provided they do not conflict
with the new amendments.
Counselor Mahmoud Fawzy, Minister of Parliamentary Affairs and Legal
Communication, told the session that the six-month deadline aims to establish a
clear timeframe for the effective implementation of the new provisions.
The bill will now be referred to the House of Representatives for final ratification.