LEGISLATION WATCH- The Trade and Industry Ministry has finished drafting the new SME law and sent it to the Ismail Cabinet for review, Minister Tarek Kabil said on Friday, Al Shorouk reports. The law is expected to introduce a number of tax and non-tax incentives meant to encourage SMEs to join the formal economy, such as facilitated funding and zero-interest on loans extended to registered SMEs. Kabil said the new act — which replaces legislation from 2004 — will allow the SMEs Development Authority to extend technical support services, as well as direct and indirect funding to registered companies. The authority recently signed off on a new national development strategy for SMEs, Kabil also said.

In other legislative news, the committee mandated with drafting the executive regulations of a potential Customs Act held its first meeting yesterday, Al Masry Al Youm reports. The Finance Ministry had said last month that it would complete drafting the legislation, which has been in the works for around eight years, in three months’ time. The bill is expected to impose “strict punishments” on customs evaders while reducing clearance times and fees for importers.