{"id":567385,"date":"2020-01-21T05:37:02","date_gmt":"2020-01-21T05:37:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/"},"modified":"2020-01-21T05:37:02","modified_gmt":"2020-01-21T05:37:02","slug":"house-committee-wants-to-expand-tax-incentives-under-smes-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/","title":{"rendered":"House committee wants to expand tax incentives under SMEs Act"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- House committee wants to expand tax incentives under <\/strong>SMEs Act:<\/strong> The House SMEs Committee has sent a proposal to the Finance Ministry to exempt SMEs from all taxes for five years under the draft SMEs Act, committee deputy chair Hala Abou El Saad said<\/a>. As it currently stands, the proposed legislation would exempt SMEs from the stamp tax as well as the fees to register contracts to set up companies and credit facilities for five years from the commercial registration date. Abou El Saad appears to be gunning for these exemptions to include all taxes. The ministry has not signaled whether this change is in the realm of possibility, only telling the committee that it needs time to look into the feasibility of the request.<\/p>\n

Background:<\/strong> The act will include tax and non-tax incentives to support the sector and encourage small businesses to go legit. If passed, SMEs would be exempt from land registration fees for their projects, among other things. The overall tax incentives package could cost the government EGP 1.5-2 bn each year.<\/p>\n

Where does the legislation currently stand?<\/strong> Last we heard, the committee said it would wrap up its discussion of the proposed legislation sometime in March.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- House committee wants to expand tax incentives under SMEs Act: The House SMEs Committee has sent a proposal to the Finance Ministry to exempt SMEs from all taxes for five years under the draft SMEs Act, committee deputy chair Hala Abou El Saad said. As it currently stands, the proposed legislation would exempt […]<\/p>\n","protected":false},"author":1,"featured_media":567386,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,276,274,180,287,1348,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-legislation","tag-smes","tag-smes-act","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"af353e0f-dbdd-49ea-a0a6-fdb2b53437e0","is_powered_by":true,"section_story_id":"b76f4e40-96de-4115-9c51-34c2a8378c0d","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/662.jpg","photo_position":"above","related_issue":[567371],"teaser":"","voice_url":""},"yoast_head":"\nHouse committee wants to expand tax incentives under SMEs Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House committee wants to expand tax incentives under SMEs Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- House committee wants to expand tax incentives under SMEs Act: The House SMEs Committee has sent a proposal to the Finance Ministry to exempt SMEs from all taxes for five years under the draft SMEs Act, committee deputy chair Hala Abou El Saad said. As it currently stands, the proposed legislation would exempt […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-21T05:37:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House committee wants to expand tax incentives under SMEs Act\",\"datePublished\":\"2020-01-21T05:37:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/\"},\"wordCount\":212,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"House of Representatives\",\"legislation\",\"SMEs\",\"SMEs Act\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/\",\"name\":\"House committee wants to expand tax incentives under SMEs Act - 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The SMEs Act would provide a legal framework to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593104,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/","url_meta":{"origin":567385,"position":1},"title":"Draft SMEs Act gets early nod from House committee","author":"enterpriseam admin","date":"18 November 2019","format":false,"excerpt":"LEGISLATION WATCH- Draft SMEs Act gets early nod from House committee: The proposed SMEs Act, which would provide tax and non-tax incentives for small and medium-sized businesses to join the formal economy, received preliminary House committee approval yesterday, according to Masrawy. The current 76-article draft provides a legal framework to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594777,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/egyptian-smes-act-to-include-tax-and-non-tax-incentives-says-finmin\/","url_meta":{"origin":567385,"position":2},"title":"Egyptian SMEs Act to include tax and non-tax incentives, says FinMin","author":"enterpriseam admin","date":"8 September 2019","format":false,"excerpt":"LEGISLATION WATCH- The SMEs Act will include tax and non-tax incentives to support the sector and encourage small businesses to go legit, the Finance Ministry said in a statement (pdf). 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Sources\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/939.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601698,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/committee-finishes-small-enterprises-tax-draft-law\/","url_meta":{"origin":567385,"position":4},"title":"Committee finishes small enterprises tax draft law","author":"enterpriseam admin","date":"7 March 2019","format":false,"excerpt":"EXCLUSIVE- VAT minimum registration requirements to be amended as an incentive to SMEs: The government is set to amend the minimum revenue required to register for VAT to spare SMEs from the burden of paying a VAT, a government official told Enterprise yesterday. 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