The petroleum and finance ministries have agreed on the standards for calculating real estate taxes on petroleum and mineral facilities, Egypt Oil & Gas reports.

Tax on petroleum facilities will be calculated based on the “developed value” of the land, a cabinet press release stated.

Calculations will not contradict existing compliance agreements and will be consistent with international standards, it added.

The Egyptian cabinet announced that a protocol was signed by the two ministers in the presence of Prime Minister, Mostafa Madbouly, at the cabinet’s headquarters.

The protocol was signed in light of the provisions of the 2008 Building Property Tax Law. The law outlines the need for a mechanism by which real estate tax can be levied on land used for important infrastructure such as industrial and petroleum installations.