Egypt to finish drafting SMEs law shortly: Minister

The Egyptian government is close to finish drafting a law to develop micro, small- and medium-sized enterprises (SMEs) in order to shortly submit it to the House of Representatives for approval, the minister of planning said.

Hala el-Said added during a workshop organised the Micro, Small and Medium Enterprises Development Agency (MSMEDA) that the government is keen on continuously developing the strategy of Egypt 2030 Vision.

The minister also stressed the importance of the role to be played by new small and medium enterprises law to stimulate the informal economy to join the  under the official umbrella of the state.

on the other hand, the minister of finance has lately commented that Egypt would set a VAT rate of 1% for SMEs under the proposed Act.

The move comes as part of a package of incentives the law offers to owners of small and medium size businesses to join the formal economy. These will include reduced electricity bills and tax rebates when paying for government service