{"id":629860,"date":"2018-04-03T04:06:42","date_gmt":"2018-04-03T04:06:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/cabinet-economic-group-discusses-sme-act\/"},"modified":"2018-04-03T04:06:42","modified_gmt":"2018-04-03T04:06:42","slug":"cabinet-economic-group-discusses-sme-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/cabinet-economic-group-discusses-sme-act\/","title":{"rendered":"Cabinet economic group discusses SME Act"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- Cabinet economic group discusses SME Act: <\/strong>The Ismail Cabinet\u2019s economic group met yesterday to discuss a draft law on small and medium-sized businesses that would encourage SMEs to join the formal economy, according to a statement from the Cabinet<\/a>. The statement offered little by way of detail beyond reiterating previous statements on how the law would offer tax and non-tax incentives and empower the SME Development Authority to set policy for the sector.<\/p>\n

What to watch for, part 1: Smart tax incentives are in the works.<\/strong> Previous statements from officials implied that SMEs of a certain size (presumably very small companies) would be granted full or partial tax exemptions under certain conditions. The level of incentives provided in the framework would be pegged to how far the business has come towards registration and entering the tax system, former Vice Minister of Finance Amr El Monayer had suggested<\/a>. The Finance Ministry is also planning to simplify the paperwork SMEs need to file to become part of the tax system, he said at the time.<\/p>\n

What to watch for, part 2: Non-tax incentives.<\/strong> SMEs could also be in line for subsidized interest rates for a longer period of time, SME Development Authority Chairperson Niveen Gamea had said<\/a> without explaining how that would work in practice, when interest rates are set by banks regulated by the CBE. Other non-tax incentives we\u2019ve heard<\/a> include allowing for the use of real estate assets as collateral for funding, in addition to facilitating licensing procedures.<\/p>\n

Economic group signs off on OC \/ Engie \/ Toyota Tsushu Gulf of Suez wind farm:<\/strong> Also from the meeting, the economic group approved contracts that would see a consortium of Orascom Construction, Engie, and Toyota Tsusho Corporation develop wind farms in the Gulf of Suez. The Egyptian Electricity Transmission Company (EETC) signed contracts last month<\/a> for the 250 MW Gulf of Suez wind farm. However, the Cabinet\u2019s statement puts the projects capacity at 500 MW.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Cabinet economic group discusses SME Act: The Ismail Cabinet\u2019s economic group met yesterday to discuss a draft law on small and medium-sized businesses that would encourage SMEs to join the formal economy, according to a statement from the Cabinet. The statement offered little by way of detail beyond reiterating previous statements on how […]<\/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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629860","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"50ef15e4-2d87-4b13-83bd-70ec447a29b4","order":"0","is_powered_by":true,"section_story_id":"2c1e142d-86b8-4938-a3ef-538bd3c01666","story_type":"1","photo_url":"","photo_position":"above","related_issue":[629846],"teaser":"","voice_url":""},"yoast_head":"\nCabinet economic group discusses SME 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\/2018\/04\/03\/cabinet-economic-group-discusses-sme-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet economic group discusses SME Act\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Cabinet economic group discusses SME Act: The Ismail Cabinet\u2019s economic group met yesterday to discuss a draft law on small and medium-sized businesses that would encourage SMEs to join the formal economy, according to a statement from the Cabinet. 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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":575793,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/27\/legislation-watch-house-to-approved-smes-act-regs-egypt-to-set-up-national-council-for-healthcare\/","url_meta":{"origin":629860,"position":1},"title":"Legislation watch: House to approved SMEs Act regs, Egypt to set up national council for healthcare","author":"enterpriseam admin","date":"27 October 2020","format":false,"excerpt":"LEGISLATION WATCH- The executive regulations of the SMEs Act should get the House of Representatives\u2019 final approval at the end of November, Trade Minister Nevine Gamea said, according to Al Shorouk. The recently-ratified law includes tax and non-tax incentives to support SMEs to join the formal economy. Those include tax\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":598547,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/28\/state-council-to-complete-reviewing-customs-and-smes-acts-this-week\/","url_meta":{"origin":629860,"position":2},"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. 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