{"id":602362,"date":"2019-03-26T03:45:39","date_gmt":"2019-03-26T03:45:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/egypt-approaches-consensus-on-tax-incentive-framework-for-medium-sized-enterprises\/"},"modified":"2019-03-26T03:45:39","modified_gmt":"2019-03-26T03:45:39","slug":"egypt-approaches-consensus-on-tax-incentive-framework-for-medium-sized-enterprises","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/26\/egypt-approaches-consensus-on-tax-incentive-framework-for-medium-sized-enterprises\/","title":{"rendered":"Egypt approaches consensus on tax incentive framework for medium-sized enterprises"},"content":{"rendered":"

<\/a> EXCLUSIVE- Gov\u2019t closing in on tax incentives to convince medium-sized enterprises to go legit:<\/b> The finance and trade and industry ministries are approaching an agreement on tax incentives for medium-sized enterprises to encourage them to join the formal economy, a senior government official told us. These entities \u2014 which the SMEs Act would define as outfits with capital of between EGP 1 and 100 mn \u2014 could be required to pay as little as half the taxes they owe from before going legit. The act would also streamline the process of acquiring licenses to encourage more businesses to join the formal economy, our source said.<\/p>\n

We obviously think this is really smart policy<\/b> and hope lawmakers agree.<\/p>\n

So how will medium-sized companies be taxed?<\/b> Companies with capital of between EGP 1 mn and EGP 20 mn will be required to pay 50% of taxes owed retroactively with a cap of EGP 200,000. The cap for companies with capital between EGP 20 mn and EGP 50 mn would be set at EGP 400,000, while the cap for those with capital between EGP 50 mn and EGP 100 mn would be set at EGP 800,000.<\/p>\n

And what about after they go legit? <\/b>Companies that are incorporated would pay the standard 22.5% tax on profits, while businesses running behind individuals would be subject to the standard progressive income tax system.<\/p>\n

Small and micro enterprises could get separate incentives<\/b>, as we previously noted<\/a><\/u>. These could include forgiving back taxes when going formal and only paying a flat tax and raising the minimum required revenue to register for VAT. The Finance Ministry has concluded drafting the act and will review it before putting it up for public debate ahead of introducing it to the House of Representatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- Gov\u2019t closing in on tax incentives to convince medium-sized enterprises to go legit: The finance and trade and industry ministries are approaching an agreement on tax incentives for medium-sized enterprises to encourage them to join the formal economy, a senior government official told us. These entities \u2014 which the SMEs Act would define as […]<\/p>\n","protected":false},"author":1,"featured_media":602363,"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":[104,72,2412,180,5315,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-602362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-economy","tag-enterpriseam","tag-informal-economy","tag-legislation","tag-small-and-medium-enterprises","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"3108f070-26ee-4b4c-b4b0-fedad36ffda5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[602357],"teaser":"","voice_url":""},"yoast_head":"\nEgypt approaches consensus on tax incentive framework for medium-sized enterprises - 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\/03\/26\/egypt-approaches-consensus-on-tax-incentive-framework-for-medium-sized-enterprises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt approaches consensus on tax incentive framework for medium-sized enterprises\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Gov\u2019t closing in on tax incentives to convince medium-sized enterprises to go legit: The finance and trade and industry ministries are approaching an agreement on tax incentives for medium-sized enterprises to encourage them to join the formal economy, a senior government official told us. 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If passed, the incentives would include exemptions from the stamp tax as well as the fees to register contracts 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\/internal\/536550.png?resize=350%2C200&ssl=1","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":602362,"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":598174,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/16\/ida-sets-new-deadline-for-unregistered-factories-to-become-formal\/","url_meta":{"origin":602362,"position":2},"title":"IDA sets new deadline for unregistered factories to become formal","author":"enterpriseam admin","date":"16 May 2019","format":false,"excerpt":"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\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":602362,"position":3},"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 "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":601048,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/18\/egypt-plans-to-offer-85-tax-exemption-to-incentivize-smes-to-go-legit\/","url_meta":{"origin":602362,"position":4},"title":"Egypt plans to offer 85% tax exemption to incentivize SMEs to go legit","author":"enterpriseam admin","date":"18 February 2019","format":false,"excerpt":"EXCLUSIVE- More on tax exemptions to encourage small businesses to go legit: The government is mulling exempting small and medium enterprises from up to 85% of their (already low) tax burden for a period of three years in an attempt to incentivize businesses in the informal economy to go legit\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565183,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/life-is-about-to-get-easier-for-small-businesses-that-want-to-go-legit\/","url_meta":{"origin":602362,"position":5},"title":"Life is about to get easier for small businesses that want to go legit","author":"enterpriseam admin","date":"24 March 2021","format":false,"excerpt":"SMART POLICY- Life is about to get easier for small businesses that want to go legit: The Central Bank of Egypt is pushing through procedures that will make it easier for micro-businesses and self-employed folks to open business accounts at the nation\u2019s banks. The changes involve reducing the number and\u2026","rel":"","context":"In "SPEED ROUND: FINANCIAL INCLUSION"","block_context":{"text":"SPEED ROUND: FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602362","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=602362"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/602362\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/602357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/602363"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=602362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=602362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=602362"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=602362"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=602362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}