{"id":621273,"date":"2018-11-05T04:00:48","date_gmt":"2018-11-05T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/"},"modified":"2018-11-05T04:00:48","modified_gmt":"2018-11-05T04:00:48","slug":"egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/","title":{"rendered":"Egypt SMEs to pay 1% VAT under proposed SMEs Act, FinMin has new definition of small business"},"content":{"rendered":"<p><strong>** #3<\/strong> <a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>EXCLUSIVE- Businesses with annual top lines of less than 500k would pay 1% VAT under proposed SMEs Act:<\/strong> The Finance Ministry will set a VAT rate of 1% for SMEs, two senior ministry sources told Enterprise. The ministry was against exempting SMEs from the VAT, saying that to do so would provide an incentive for companies that are on the margin (but are not yet classified as SMEs) to engage in financial engineering to to dodge the VAT, one of the sources added. The move comes as part of a package of incentives the law offers to owners of small and medium size businesses to join the formal economy. These will include reduced electricity bills and tax rebates when paying for government services, the source added, without delving into details.<\/p>\n<p><strong>Whose definition of \u201csmall business\u201d? <\/strong>The Finance Ministry has decided to develop its own definition of what constitutes and SME under the proposed act rather than relying on the Central Bank of Egypt\u2019s definition, as has been <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/19\/finmin-backtracks-on-massive-tax-breaks-to-smes-for-joining-the-formal-economy\/\">previously reported<\/a>, the sources confirmed. One source said the CBE\u2019s definition of a small business is based on too high a revenue ceiling and would allow too many business to benefit from the incentives to be proposed in the law<\/p>\n<p><strong>Proposed FinMin definitions vs. central bank definition: <\/strong><\/p>\n<ul>\n<li><strong>Very small businesses<\/strong> are those with up to EGP 250k in revenues per year, says Finance. CBE definition: EGP 1-10 mn. <\/li>\n<li><strong>Small businesses <\/strong>include anyone with a top line of EGP 250-500k, says Finance. CBE definition: EGP 10-20 mn.<\/li>\n<li><strong>Medium-sized enterprises <\/strong>are those with revenues of EGP 500k to EGP 1 mn, per Finance. CBE definition: EGP 20-100 mn. <\/li>\n<\/ul>\n<p><strong>When is the law coming out?<\/strong> The final draft, which has been under review for a little over a month now, will be presented to the Madbouly Cabinet \u201csoon,\u201d the sources said. The ministry plans to introduce the bill to the House of Representatives during the current legislative cycle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>** #3 EXCLUSIVE- Businesses with annual top lines of less than 500k would pay 1% VAT under proposed SMEs Act: The Finance Ministry will set a VAT rate of 1% for SMEs, two senior ministry sources told Enterprise. The ministry was against exempting SMEs from the VAT, saying that to do so would provide an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,276,180,287,1348,2380,7110],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621273","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-finance-ministry","tag-legislation","tag-smes","tag-smes-act","tag-speed-round","tag-vat","wpautop","entry"],"acf":{"mongo_id":"e9799e1a-78da-40dd-ae09-de7dd1b05274","order":"0","is_powered_by":true,"section_story_id":"13b1fc42-00d7-41df-970e-04ba54c75b4e","story_type":"1","photo_url":"","photo_position":"above","related_issue":[621264],"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>Egypt SMEs to pay 1% VAT under proposed SMEs Act, FinMin has new definition of small business - 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\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt SMEs to pay 1% VAT under proposed SMEs Act, FinMin has new definition of small business\" \/>\n<meta property=\"og:description\" content=\"** #3 EXCLUSIVE- Businesses with annual top lines of less than 500k would pay 1% VAT under proposed SMEs Act: The Finance Ministry will set a VAT rate of 1% for SMEs, two senior ministry sources told Enterprise. The ministry was against exempting SMEs from the VAT, saying that to do so would provide an [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-05T04:00:48+00:00\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt SMEs to pay 1% VAT under proposed SMEs Act, FinMin has new definition of small business\",\"datePublished\":\"2018-11-05T04:00:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/\"},\"wordCount\":338,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"legislation\",\"SMEs\",\"SMEs Act\",\"SPEED ROUND\",\"VAT\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypt-smes-to-pay-1-vat-under-proposed-smes-act-finmin-has-new-definition-of-small-business\/\",\"name\":\"Egypt SMEs to pay 1% VAT under proposed SMEs Act, FinMin has new definition of small business - 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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":627190,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/25\/major-amendments-to-the-tax-code-coming-during-next-legislative-term\/","url_meta":{"origin":621273,"position":1},"title":"Major amendments to the tax code coming during next legislative term","author":"enterpriseam admin","date":"25 July 2018","format":false,"excerpt":"EXCLUSIVE- Major amendments to the tax code coming during next legislative term: The Finance Ministry plans to introduce a package of new legislation when the House of Representatives reconvenes from its summer recess, Finance Minister Mohamed Maait told Enterprise. Topping the list of laws are amendments to the tax code\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":621273,"position":2},"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":593104,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/draft-smes-act-gets-early-nod-from-house-committee\/","url_meta":{"origin":621273,"position":3},"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 &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\/2\/1149.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":621273,"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":624476,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/10\/social-media-ad-tax-study-to-be-complete-this-month\/","url_meta":{"origin":621273,"position":5},"title":"Social media ad tax study to be complete this month","author":"enterpriseam admin","date":"10 September 2018","format":false,"excerpt":"**#4 EXCLUSIVE- FinMin to complete study on taxing social media ads this month: The Finance Ministry is set to complete a study on how to tax social media advertising this month, a ministry source told Enterprise. 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