{"id":593104,"date":"2019-11-18T04:24:05","date_gmt":"2019-11-18T04:24:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/"},"modified":"2019-11-18T04:24:05","modified_gmt":"2019-11-18T04:24:05","slug":"draft-smes-act-gets-early-nod-from-house-committee","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/","title":{"rendered":"Draft SMEs Act gets early nod from House committee"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><strong> LEGISLATION WATCH- Draft SMEs Act gets early nod from House committee: <\/strong>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, <a href=\"https:\/\/www.masrawy.com\/news\/news_egypt\/details\/2019\/11\/17\/1672155\/%D9%84%D8%AC%D9%86%D8%A9-%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86%D9%8A%D8%A9-%D8%AA%D9%88%D8%A7%D9%81%D9%82-%D9%85%D8%A8%D8%AF%D8%A6%D9%8A%D8%A7-%D8%B9%D9%84%D9%89-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%AA%D9%88%D8%B3%D8%B7%D8%A9-%D9%88%D9%85%D8%AA%D9%86%D8%A7%D9%87%D9%8A%D8%A9-%D8%A7%D9%84%D8%B5%D8%BA%D8%B1#SectionMore\">according to Masrawy<\/a>. The current 76-article draft provides a legal framework to regulate SMEs and integrate them into the formal sector, SMEs Development Authority head Nevine Gamea said. The legislation still needs to pass committee-level discussions before making its way to the general assembly for a final vote. If approved, the bill would then be signed into law by President Abdel Fattah El Sisi.<\/p>\n<p><strong>What we know so far:<\/strong> <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/08\/egyptian-smes-act-to-include-tax-and-non-tax-incentives-says-finmin\/\">The Finance Ministry said in September<\/a> that the act would exempt SMEs from paying stamp tax and land registration fees. Fees to register contracts to set up companies and credit facilities would also be waived for the first five years after commercial registration. The SME tax incentives package could cost the government EGP 1.5-2 bn each year.<\/p>\n<p><strong>The legislation may also give SMEs preferential tax rates: <\/strong>An official with knowledge of an earlier draft <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/03\/egypt-govt-decides-on-tax-reductions-for-smes\/\">told us in April<\/a> that SMEs would pay a fixed rate of tax over a three-year period regardless of revenue growth. Government entities will also be working to issue licenses and ensure SMEs are included in public procurement tenders and auctions, Trade Ministry advisor Hisham Ragab <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/01\/egypt-earmarks-incentives-worth-egp-1-5-2-bn-annually-for-smes-under-new-act\/\">told the local press at the time<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 regulate SMEs and integrate them [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":593105,"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":[72,180,1348,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-legislation","tag-smes-act","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"48886878-5921-4c1c-b2f8-23d62eb9184d","is_powered_by":true,"section_story_id":"aac7b46e-4af7-4ac9-821d-cb5b53b0efd4","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/2\/1149.jpg","photo_position":"above","related_issue":[593091],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Draft SMEs Act gets early nod from House committee - 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\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draft SMEs Act gets early nod from House committee\" \/>\n<meta property=\"og:description\" content=\"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 regulate SMEs and integrate them [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-18T04:24:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1149.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\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Draft SMEs Act gets early nod from House committee\",\"datePublished\":\"2019-11-18T04:24:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/\"},\"wordCount\":243,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/2\/1149.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"legislation\",\"SMEs Act\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/\",\"name\":\"Draft SMEs Act gets early nod from House committee - 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The government plans to raise the minimum\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567385,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/21\/house-committee-wants-to-expand-tax-incentives-under-smes-act\/","url_meta":{"origin":593104,"position":1},"title":"House committee wants to expand tax incentives under SMEs Act","author":"enterpriseam admin","date":"21 January 2020","format":false,"excerpt":"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,\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":594777,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/08\/egyptian-smes-act-to-include-tax-and-non-tax-incentives-says-finmin\/","url_meta":{"origin":593104,"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). If passed, the incentives would include exemptions from the stamp tax as well as the fees to register contracts to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598547,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/state-council-to-complete-reviewing-customs-and-smes-acts-this-week\/","url_meta":{"origin":593104,"position":3},"title":"State Council to complete reviewing customs and SMEs acts this week","author":"enterpriseam admin","date":"28 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Maglis El Dawla to finalize review of draft customs and SMEs acts this week: The Council of State (Maglis El Dawla) is expected to finish reviewing the draft customs and SMEs acts this week and send them to Cabinet before Eid El Fitr, the local press reports. Sources\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":590689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/house-committee-to-wrap-up-egypts-new-smes-act-in-march\/","url_meta":{"origin":593104,"position":4},"title":"House committee to wrap up Egypt\u2019s new SMEs Act in March","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"LEGISLATION WATCH- SMEs Act up for final vote in March 2020: The House of Representatives\u2019 SMEs committee is expected to wrap up its discussion of the proposed SMEs Act sometime in March 2020, committee deputy chair Hala Abou El Saad said. The SMEs Act would provide a legal framework to\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":634359,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/14\/trade-ministry-completes-draft-of-sme-law-sends-it-to-cabinet-for-review\/","url_meta":{"origin":593104,"position":5},"title":"Trade Ministry completes draft of SME law, sends it to cabinet for review","author":"enterpriseam admin","date":"14 January 2018","format":false,"excerpt":"LEGISLATION WATCH- The Trade and Industry Ministry has finished drafting the new SME law and sent it to the Ismail Cabinet for review, Minister Tarek Kabil said on Friday, Al Shorouk reports. The law is expected to introduce a number of tax and non-tax incentives meant to encourage SMEs to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593104","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=593104"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593104\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593091"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593105"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593104"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593104"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}