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Thursday, 19 September 2019

Draft law on SMEs offers several tax incentives: Minister

MENA , Sunday 8 Sep 2019
Small businesses in Egypt
File Photo: Small businesses in Egypt (Photo Courtesy of EBRD)
Views: 1933
Views: 1933

A new bill on SMEs will offer several tax and non-tax incentives to promote the growth in this vital sector, Minister of Finance Mohamd Maait said Saturday.

Exemption from stamp taxes and the fees of registering companies' association deeds and the lands required for establishing micro, small and medium sized enterprises is among privileges that will be available for businessmen, said the minister in a press release.

They will also benefit from 5-year credit facility agreements whose terms will start upon the date of registering their facilities at the commercial registry, Maait added.

The bill also includes a simplified tax system for SMEs, which will help reduce tax liability, facilitate tax measures, boost their productivity and operational efficiency, the minister pointed out.

It takes into account the crucial importance of the SMEs sector for sustaining economic growth and creating more jobs, Maait said, anticipating a significant improvement in the sector's production capacity once the bill is adopted.

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