Maait to MSMEs: Simplified tax based on volume of business

Maait to MSMEs: Simplified tax based on volume of business

FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo







CAIRO - 11 January 2021: Finance Minister Mohammed Maait on Monday said the law of Micro, Small & Medium Enterprises (MSMEs) development entails several tax incentives like the simplified tax system, which is based on the volume of sales or business. 



The tax, under the new law, will be a simplified one that doesn't require records, documents or purchase invoices, the minister said in a statement issued by the Ministry of Finance, adding that a simplified tax return detailing the volume of sales and business shall be submitted annually by business owners to the Egyptian Tax Authority.

The tax for EGP 250,000-worth business and sales is set for EGP 1,000, while the EGP 500,000-worth business would pay a tax estimated at EGP 2,500, the minister