The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) called on existing small business owners to expedite the issuance of a project classification certificate from all branches of the agency in the governorates, before the date for submitting tax returns, which begins next January, in order to benefit from the tax incentives approved by the Enterprise Development Law 152 of the year 2020, which aims to help project owners expand their projects, enhance their competitive capabilities in the markets, raise and improve productivity, as well as encourage them to adjust their conditions in line with the state's directions for the stability and continuity of these projects. Coordination has been made between the agency and the Ministry of Finance to use simplified tax systems and regulations for project owners, so that if sales or business is less than EGP 250,000, the tax will be EGP 1,000 annually, and if it is less than EGP 500,000, the tax will be EGP 2,500, and if it is less than EGP 1m, the tax will be EGP 5,000, and if sales or business ranged from EGP 1m to EGP 2m, the tax would be 0.5% of the volume of sales or businesses, and if it ranged from EGP 2m to EGP 3m, the tax would be 0.75%, and if it ranged from EGP 3m to EGP 10m, the tax is 1%. The new law provides business owners with a simplified tax system; where the volume of sales or business is determined through a simplified tax return prepared by the entrepreneur once a year and does not require books, documents or purchase invoices. Tarek Shash, Executive Vice President of the Enterprise Development Authority, explained that the owners of existing projects can benefit from these tax benefits by obtaining a classification certificate for their existing and licensed projects, specifying the type of project, the size of its financing and all its data, through the agency's branches in the governorates or by visiting the agency's website www. msmeda.org.eg, which allows them to enjoy the various additional facilities stipulated by the law in dealing with various ministries and government agencies, as well as assisting these projects in marketing by allocating rates for government purchases of no less than 20% of contracts for medium projects and 20% for small and micro projects to purchase their products, perform technical works, consultancy services or business contracting. He added that entrepreneurship projects will be exempted from patent registration fees.
