{"id":637407,"date":"2017-11-15T04:14:04","date_gmt":"2017-11-15T04:14:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/new-smes-law-to-offer-tax-and-non-tax-incentives-could-eliminate-interest-on-loans-for-registered-businesses\/"},"modified":"2017-11-15T04:14:04","modified_gmt":"2017-11-15T04:14:04","slug":"new-smes-law-to-offer-tax-and-non-tax-incentives-could-eliminate-interest-on-loans-for-registered-businesses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/new-smes-law-to-offer-tax-and-non-tax-incentives-could-eliminate-interest-on-loans-for-registered-businesses\/","title":{"rendered":"New SMEs law to offer tax and non-tax incentives, could eliminate interest on loans for registered businesses"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- New SMEs law to offer tax and non-tax incentives, could <\/strong>eliminate interest on loans for registered businesses: <\/strong>SMEs will receive a number of tax and nontax incentives, under new legislation being prepared by the government, to encourage them to join the formal economy, Vice Minister of Finance Amr El Monayer said yesterday, Ahram Gate reports<\/a>. While tax exemptions have previously proved ineffective, the bill \u2014 which aims to lower the barriers of SMEs\u2019 entry into the formal economy \u2014 will offer a simpler tax structure and relieve small businesses from administrative costs and processes, which are generally why they tend to shy away from going official, El Monayer explained.<\/p>\n

Under the new law, micro- and very-small enterprises will be categorized into three tax brackets. <\/strong>For microenterprises, the Finance Ministry is considering imposing a single annual tax of \u201cEGP 1,000, for example,\u201d instead of having these businesses pay individual duties, such as income tax and value-added tax, El Monayer said. A similar system would apply to another bracket that covers independent occupations \u2014 such as taxi and truck driving, and crafts such as carpentry \u2014 and would be re-evaluated every five years. Very small businesses could be subject to a nominal income tax possibly as low as 1%, El Monayer added.<\/p>\n

The government is studying the possibility of enshrining facilitated funding for <\/strong>registered SMEs at zero interest under the new law,<\/strong> El Monayer also said. Other non-tax incentives would be awarded to employees who register for social insurance and innovative businesses in tech and other scientific fields. The bill would also ensure SMEs access to all basic services and utilities.<\/p>\n

All of this is good policy:<\/strong> As we\u2019ve explained before, we\u2019re rabidly in favour of any combination of tax and non-tax incentives that bring more companies into the tax system. Why not give a complete, time-limited income tax holiday to SMEs that opt to go legit and become part of the formal economy?<\/a> The state can then raise taxes for them to a reasonable and appropriate level when that holiday runs out.<\/p>\n

As for their obligations under the law, <\/strong>registered SMEs would have to open bank accounts and use electronic receipts to keep track of their transactions, the Vice Minister said, adding that input from civil society on the tax structure is encouraged. The House of Representatives is expected to receive the bill<\/a> during their current legislative term.<\/p>\n

In other news from the Finance Ministry, legislation now being drafted could \u201cunify tax procedures<\/strong>,\u201d ministry tax adviser Ramadan Seddik tells Ahram Gate<\/a>. The bill would resurrect the Supreme Tax Council and give it authority to participate in new tax-related legislation.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- New SMEs law to offer tax and non-tax incentives, could eliminate interest on loans for registered businesses: SMEs will receive a number of tax and nontax incentives, under new legislation being prepared by the government, to encourage them to join the formal economy, Vice Minister of Finance Amr El Monayer said yesterday, Ahram […]<\/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-637407","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3fe76ead-2138-43ba-91b5-66da4000de75","order":"0","is_powered_by":true,"section_story_id":"93632b79-ea97-4d47-bf47-9c21be93b69a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[637395],"teaser":"","voice_url":""},"yoast_head":"\nNew SMEs law to offer tax and non-tax incentives, could eliminate interest on loans for registered businesses - 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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":629860,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/cabinet-economic-group-discusses-sme-act\/","url_meta":{"origin":637407,"position":1},"title":"Cabinet economic group discusses SME Act","author":"enterpriseam admin","date":"3 April 2018","format":false,"excerpt":"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\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":627093,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/19\/finmin-backtracks-on-massive-tax-breaks-to-smes-for-joining-the-formal-economy\/","url_meta":{"origin":637407,"position":2},"title":"FinMin backtracks on massive tax breaks to SMEs for joining the formal economy","author":"enterpriseam admin","date":"19 July 2018","format":false,"excerpt":"EXCLUSIVE- FinMin backtracks on massive tax breaks to SMEs for joining the formal economy: The Finance Ministry has formed a committee to revisit the draft SMEs Act, which lays out incentives for small businesses to join the formal economy, a government source told us this week. The committee wants 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":637407,"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 "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":631549,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/21\/sme-taxation-framework-could-codify-lower-interest-rates-for-smes\/","url_meta":{"origin":637407,"position":4},"title":"SME taxation framework could codify lower interest rates for SMEs","author":"enterpriseam admin","date":"21 March 2018","format":false,"excerpt":"SME taxation framework could codify lower interest rates for SMEs: And speaking of taxes, the SME taxation framework currently being worked on by the Finance Ministry could codify lower interest rates on SME loans, SME Development Authority Chairperson Niveen Gamea said, according to Al Mal. How that would work in\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":627798,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/12\/exclusive-smes-could-get-a-massive-tax-break-if-they-join-the-formal-economy\/","url_meta":{"origin":637407,"position":5},"title":"EXCLUSIVE- SMEs could get a massive tax break if they join the formal economy","author":"enterpriseam admin","date":"12 June 2018","format":false,"excerpt":"EXCLUSIVE- SMEs could get a massive tax break if they join the formal economy: A Finance Ministry committee tasked with drafting a new SMEs Act has proposed that small businesses earning more than EGP 1 mn a year (and less than a ceiling that has yet to be determined) pay\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637407","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=637407"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/637407\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/637395"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=637407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=637407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=637407"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=637407"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=637407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}