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Sunday, 14 August 2016

House of Rep. drafting uniform law for SMEs, Finance ministry working on SME taxation framework

The House of Representatives is drafting a law governing SMEs with the aim of forming a single accredited body responsible for the domestic SME sector, Al Mal quoted House Planning and Budget Committee Chairman Hussein Eissa as saying on Saturday. The proposed agency would be responsible for business formation, liquidation, and taxation in the SME sector. The move aims to facilitate funding and decrease the risk of SME credit default. This comes as the Finance Ministry prepares to introduce legislation that would set-out a new tax framework for SMEs soon after the House passes the value-added tax (VAT), said Deputy Finance Minister Amr Al Monayer, Al Mal reported.

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