SFD Calls to Restore SMEs’ Tax Holiday Act

Senior sources told Amwal Al Ghad that Social Fund for Development (SFD) has sent a memorandum to Egypt’s ministry of finance addressing SFD’s rejection of the decree issued by the dissolved Shura Council to freeze the Act that exempts the the small and medium enterprises from paying taxes. 

The abolished act stated tax exemption for small and medium enterprises for up to 5 years.

The sources confirmed that this decision imposing tax on SMEs whether theses SMEs were financed from SFD or banks.

The source pointed out that this decision will have a negative impact on the growth of SMEs whereas the state intends to raise its share on the upcoming period.