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Thursday, 1 March 2018

Smart policy: Finance Ministry could grant full tax exemptions to SMEs under certain conditions

One of the smartest policy proposals we’ve heard: The Finance Ministry hinted that it would be willing to grant SMEs full or partial tax exemptions under certain conditions in the SME taxation framework the ministry is currently developing. “The new framework could see provisions for partial or full tax exemptions,” said Vice Minister of Finance Amr El Monayer on Wednesday, AMAY reports. The level of incentives provided in the framework would be pegged to how far the business has come towards registration and entering the tax system, El Monayer added. The ministry also plans to simplify the paperwork SMEs need to file to become part of the tax system, he said.

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