{"id":659407,"date":"2025-01-27T00:00:00","date_gmt":"2025-01-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/27\/mps-greenlight-draft-laws-to-simplify-sme-tax-regime-give-late-payment-amnesty-speed-up-dispute-settlement\/"},"modified":"2025-01-27T00:00:00","modified_gmt":"2025-01-27T00:00:00","slug":"mps-greenlight-draft-laws-to-simplify-sme-tax-regime-give-late-payment-amnesty-speed-up-dispute-settlement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/27\/mps-greenlight-draft-laws-to-simplify-sme-tax-regime-give-late-payment-amnesty-speed-up-dispute-settlement\/","title":{"rendered":"MPs greenlight draft laws to simplify SME tax regime, give late payment amnesty, speed up dispute settlement"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MPs gave their final <\/strong><strong>approv<\/strong><strong>al yesterday to three tax-focused draft laws<\/strong> aimed at expanding tax breaks for SMEs, simplifying tax procedures, and settling disputes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The House approved a new tax system for SMEs <\/strong>that proposed that businesses with an annual turnover of up to EGP 20 mn will pay a tax rate&nbsp;<span style=\"background-color: transparent;\">\u2014<\/span><span style=\"background-color: transparent;\">&nbsp;ranging from 0.4-1.5% depending on<\/span><span style=\"background-color: transparent;\">&nbsp;much they are making \u2014 that covers income tax, value-added tax, duty tax, and others.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lawmakers also raised the turnover threshold for tax breaks from the proposed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/720d2c0d-c292-41df-bd2a-256539fcd86a\/egypt-could-sign-agreements-to-liquefy-cypriot-gas-as-early-as-next-month\" style=\"\" rel=\"noopener\">EGP 15<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/720d2c0d-c292-41df-bd2a-256539fcd86a\/egypt-could-sign-agreements-to-liquefy-cypriot-gas-as-early-as-next-month\" style=\"\" rel=\"noopener\">mn<\/a><\/strong><strong> to EGP 20 mn<\/strong> to better account for inflation and the depreciation of the pound. The stated purpose of the draft bill is to support the SME sector, while also expanding the tax base and integrating the informal economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Incentives for businesses that fall under the income bracket include <\/strong>being exempt from the development fee tax, stamp tax, company registration fees, land registration fees and tax, and fees from inking credit facility and mortgage contracts for five years. These companies will also be able to sell fixed assets and not have to pay tax on any of the capital gains, along with paying out with dividends from the profits of the company without having to pass on any to the tax man.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MPs <\/strong><strong>also approved giving a second chance to those that missed previous payments<\/strong>, with the draft legislation enabling taxpayers who failed to submit their tax reports between 2020 and 2023 to file them within a specific time frame without facing any penalties. Under the current system, failing to submit tax returns can lead to a EGP 1 mn fine.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A bill to hopefully speed up settling the mountain of tax disputes was also passed<\/strong>, with the aim of expediting the Egyptian Tax Authority\u2019s settling of tax disputes as part of a longer-term move to a digital system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>D\u00e9j\u00e0 vu? <\/strong>We first heard about the proposals in October when Finance Minister Ahmed Kouchuk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f12da9a-48e0-44e3-9c2f-853b7d1ff045\/gov'\" style=\"\" rel=\"noopener\">announced<\/a> a long list of tax facilities during a presser.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The Economic Committee approved a framework <\/strong><strong><a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a8%d8%af%d9%84%d8%a7-%d8%b9%d9%86-%d8%a7%d9%84%d9%84%d9%8a%d8%a8%d9%88%d8%b1-%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d8%a7%d9%84%d9%86%d9%88%d8%a7%d8%a8-%d8%aa%d8%b9%d8%aa%d9%85\/#google_vignette\" style=\"\" rel=\"noopener\">agreement<\/a><\/strong> with the African Development Bank to phase out LIBOR as a reference interest rate and adopt SOFR in loan agreements between Egypt and the bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: <\/strong>The London Interbank Offered Rate and the Secured Overnight Financing Rate, known more commonly by their acronyms LIBOR and SOFR are two interest rate benchmarks. The important difference between the two is how they calculate their rates, with LIBOR basing its rate on the estimates given from banks about the interest rates they pay to borrow from each other, while SOFR bases its rates on actual transactions in the USD Treasury repurchase market where investors borrow money for the night using Treasury bonds as collateral. With LIBOR suffering from a lack of transparency and SOFR viewed as a more reliable and data-based alternative, SOFR is slowly replacing LIBOR as the new global standard for loans and other financial services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Further discussion and votes on the Criminal Procedures Law was pushed to today<\/strong> because of the lengthy session focussed on the tax-related proposals. MPs are expected today to debate and vote on articles 172-209 of the draft law.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><b>CORRECTION- The story was amended on 29 January<font face=\"Arial\">, 2025<\/font>.&nbsp;&nbsp;<\/b>An older version of this story incorrectly said that the new simplified tax system for SMEs proposed that businesses with an annual turnover of up to EGP 15 mn will pay a simple flat tax.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ALSO- The Economic Committee approved a framework agreement with the African Development Bank<\/p>\n","protected":false},"author":1,"featured_media":659408,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7344],"tags":[104,72,187,100,287,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-659407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-economy","tag-enterpriseam","tag-legislation-watch","tag-policy","tag-smes","tag-tax","wpautop","entry"],"acf":{"mongo_id":"bb4037bd-21ad-4bc2-b694-4be738029db5","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1845.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MPs greenlight draft laws to simplify SME tax regime, give late payment amnesty, speed up dispute settlement","related_issue":[659402],"teaser":"ALSO- The Economic Committee approved a framework agreement with the African Development Bank","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.2a0f2f69-619d-402d-bc38-e79fcba7a314.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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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":601698,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/07\/committee-finishes-small-enterprises-tax-draft-law\/","url_meta":{"origin":659407,"position":1},"title":"Committee finishes small enterprises tax draft law","author":"enterpriseam admin","date":"7 March 2019","format":false,"excerpt":"EXCLUSIVE- VAT minimum registration requirements to be amended as an incentive to SMEs: The government is set to amend the minimum revenue required to register for VAT to spare SMEs from the burden of paying a VAT, a government official told Enterprise yesterday. 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":615700,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/smes-to-pay-same-taxes-for-larger-revenues\/","url_meta":{"origin":659407,"position":2},"title":"SMEs to pay same taxes for larger revenues","author":"enterpriseam admin","date":"22 February 2024","format":false,"excerpt":"The Finance Ministry has approved a proposal to amend the tax brackets of the SME act to take into account inflation without infringing on the final tax rates on projects","rel":"","context":"In &quot;Tax&quot;","block_context":{"text":"Tax","link":"https:\/\/enterpriseam.com\/egypt\/category\/tax\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2154.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637407,"url":"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\/","url_meta":{"origin":659407,"position":3},"title":"New SMEs law to offer tax and non-tax incentives, could eliminate interest on loans for registered businesses","author":"enterpriseam admin","date":"15 November 2017","format":false,"excerpt":"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\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":629860,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/cabinet-economic-group-discusses-sme-act\/","url_meta":{"origin":659407,"position":4},"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 &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":602572,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/01\/egypt-earmarks-incentives-worth-egp-1-5-2-bn-annually-for-smes-under-new-act\/","url_meta":{"origin":659407,"position":5},"title":"Egypt earmarks incentives worth EGP 1.5-2 bn annually for SMEs under new Act","author":"enterpriseam admin","date":"1 April 2019","format":false,"excerpt":"LEGISLATION WATCH- The SMEs Act includes tax and non-tax incentives worth EGP 1.5-2 bn annually to support entrepreneurship and encourage SMEs to go legit, said Hisham Ragab, an advisor to the trade and industry minister. 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