SMEs
Kouchouk added that these aim to stimulate growth among small businesses, simplify tax processes, and resolve existing tax disputes
El-Kilani shared that the tax facilitation package aims to establish a comprehensive tax system for businesses with annual revenues not exceeding LE 15 million as part of the government's efforts to encourage and support small enterprises through simplified tax treatment.
A total of 49% of all financing for all medium, small and micro projects goes to women, 49% to Upper Egypt, and 48% to people 40 years old and younger.
The new tax system stated that establishments with a business turnover below LE 250,000 will be subject to an annual tax of LE 1,000
On the sidelines of the summit, ElZaher met with a group from the TIEC Innovation Ambassador (TIEC-IA) program. ITIDA’s CEO praised their efforts and stressed the importance of the role they play in realizing ITIDA’s goal of spreading the culture of entrepreneurship and innovation
In addition to financial support, MSMEDA offers non-financial support including project registration in suppliers' directories, integration into commercial networks, entrepreneurial training, and the facilitation of business-to-business collaborations
The funding is set to expand opportunities for women-owned micro-projects in various productive sectors.
The service platform will incorporate all authorities offering financial and technical assistance to SMEs including banks, non-profit organizations, and government bodies. The platform is set to be officially launched within the next 3 months.
The Financial Regulatory Authority (FRA) increased the maximum financing limit for micro-enterprises by 10 percent to LE 220,000 up from LE 200,000.
Egypt's Law on Small and Medium Enterprises Development specifies the services provided by the Small and Medium Enterprises Development Agency to the projects subject to the provisions of this law.
Zulfaqar equally highlighted that the client base expanded by 10 percent.
The company enables access to a wide range of financial services to micro and small enterprises.
The Small and Medium Enterprises Committee in the House of Representatives, chaired by Representative Mohamed Kamal Marei, recommended during its meeting Monday to discuss the vision of the Egyptian Federation of Investors’ Associations and Institutions (Investors’ Association) to support the SMEs sector.
Egypt's law allows allocation of vacant lands in industrial and tourist areas for small and medium enterprises.
In this regard, the Medium, Small and Micro Enterprise Development Law No. 152 of 2020, included incentives and controls to legalize the status of informal economy projects.
The EBRD elaborated that the loan follows the success of the Green Economy Financing Facility (GEFF) in Egypt, and will support an expansion of green lending in Egypt to under-served regions for investments in climate change mitigation and adaptation technologies and services.
That is within the government's bid to expand the social safety network among irregular workers.
Gamea noted that those entities created 2.5 million jobs.
The GIZ stated, in a press statement, Monday, that it is implementing, in cooperation with the financial supervision, a strategy to improve banking supervision and regulation, in addition to financial stability and comprehensiveness.
As part of Egypt’s endeavors to encourage the integration of unofficial economy projects into the official economy, the law stipulates lawsuits against such businesses are halted once they obtain a temporary license.
