Sunday, February 28, 2010

58 / More On Taxes: Modern Egypt

I am in Buenos Aires, Argentina, but am still thinking about Egypt and taxation.

The picture shows a very common sight in Egypt, buildings finished on the ground floor, or on the first several floors, but with an unfinished top, characterized most notably by rebar projecting from unfinished columns.

Our guide, on the way between Cairo and Alexandria, told us it was the Egyptian property taxation system that causes this to happen. According to him, as long as a structure remains "under construction" there is no tax on the entire property.

Kind of explains why most small towns and half of the big cities seem uncompleted.

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