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MSMEDA, Tax Authority call on firms with EGP 10m turnover to speed up declarations' submission
Government offers new tax incentives to owners of registered projects without any requirements
Hossam Mounir Published in Daily News Egypt on 15 - 03 - 2022

The Micro, Small and Medium Enterprise Development Agency (MSMEDA) and the Egyptian Tax Authority have called on companies with annual turnover of EGP 10m to speed the submission of their tax declarations for 2021, so that they can benefit from new tax facilities.
The deadline for submitting tax declarations is 31 March for natural persons, and 30 April for legal persons.
The statement said that in order to facilitate the procedures for owners of tax-registered enterprises, the tax authority will accept tax returns from SMEs, and give them the opportunity to enjoy the simplified tax treatment as stipulated in the Enterprise Development Law according to their annual business volume. The classification certificate will be issued after the tax declaration submission through the one-stop-shop service available in the Authority's branches in all Egyptian governorates. They can benefit from a package of various advantages and incentives and enjoy contracting opportunities by including them in purchases, government contracts, land allocation, as well as customs exemptions.
The statement stated that owners of SMEs enjoy many incentives and tax exemptions established in accordance with the Enterprise Development Law, which aims to help project owners expand their businesses, enhance their competitive capabilities in the markets, and raise and improve productivity.
The Enterprise Development Law provides project owners with a simplified tax system, whereby the annual volume of sales or business is determined through a simplified tax return that project owners prepare once a year and does not require books, documents or purchase invoices.
The Enterprise Development Law includes simplified tax systems and regulations for project owners. If annual sales or revenues are less than EGP 250,000, the tax will be EGP 1,000 annually, if they are less than EGP 500,000, the tax will be EGP 2,500, if it is less than EGP 1m, the tax will be EGP 5,000 annually, if they are EPG 1m-2m, the tax will be 0.5% of the volume of sales or business, and if it ranges from EGP 2-3m, the tax will be 0.75%, and if it ranges from EGP 3-10m, the tax will be 1%.

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