Speaker of the Egyptian House of Representatives Ali Abdel Aal presiding over a parliament session to discuss and vote on proposed constitutional amendments, in Cairo, Egypt, 14 February 2019. EPA
CAIRO – 11 October 2019: The government's draft law on small enterprises will include support for defaulters and ways to support the sustainability of their small businesses, Hala Abul-Saad, parliament member and representative of Egypt's Small and Medium Sized Enterprises Committee, said on Friday.
The draft law will include incentives for the owners of private businesses to encourage them to join the public economy and overcome obstacles to their inclusion, Abul-Saad told Egypt Today in an interview.
“Thus, we ensure a boost in the state economy, which will be reflected in the increase of the state treasury,” she added.
The Parliament Member further proposed to the committee to conduct field visits to places where there are many small projects in order to get a comprehensive view regarding the SMEs sector and its requirements in Egypt.
Among the privileges of this law is that project owners will receive exemption from stamp taxes and the fees of registering companies' association deeds and the lands required for establishing micro, small and medium sized enterprises is among privileges that will be available for businessmen.
The bill also includes a simplified tax system for SMEs, which will help reduce tax liability, facilitate tax measures, and boost their productivity and operational efficiency.