“95 percent of residential units are exempt from taxes,” reads the headline of state owned newspaper - Al-Ahram.

 LE30 million is the total expected to be collected from the 6th of October and Sheikh Zaied Governorates, according to Youssef Botros Ghali - Minster of Finance. Homes rented for LE6000 annually or less are exempt from taxes. Ghali asserts that this law, wherein the property tax class has been reduced from 40 percent to 10 percent, has succeeded in solving the pitfalls in the old property tax law.

The independent paper - Al-Shorouk reports that only 83 percent of these residential units are exempt from taxes. Al-Shorouk quotes the head of the tax department - Tarek Farag. He explains that taxes won't be counted only according to the area of the residence, but according to other factors like water and electricity usage. This issue of residential taxes was newly introduced this year, when Egyptians were supposed to provide information on any properties they own or rent which are worth more than LE500,000, even if unoccupied.

Today, a new Egyptian satellite (Nile Sat 201) has been launched.  This is the country's third satellite, according to Al-Akhbar newspaper. The project has cost 237 million US dollars.

Al Masry Al Youm

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