IDA sets new deadline for unregistered factories to become formal

IDA sets new deadline for unregistered factories to go legit: The Industrial Development Authority (IDA) has given unregistered factories in accredited industrial zones until 30 June to obtain licenses and sign up with the registry of industrial companies, according to an IDA statement. Companies that comply will be exempt from fines for having missed an earlier deadline of 30 December.

The incentive is part of the government’s drive to widen the tax base by encouraging the informal economy to leave the shadows. The Sisi administration is presently preparing tax incentives for SMEs to encourage them to join the formal sector.