The integrated tax system, tailored for businesses with annual revenue not exceeding EGP 15 million, will benefit small and micro enterprises, entrepreneurs, freelancers, and professionals.
The Egyptian government has announced a new tax facilitation package designed to support small businesses, startups, and freelancers.
Minister of Finance, Ahmed Kouchouk, revealed the package during a press conference today, highlighting its goal of creating a more easy and convenient environment for investors.
The integrated tax system, tailored for businesses with annual revenue not exceeding EGP 15 million, will benefit small and micro enterprises, entrepreneurs, freelancers, and professionals.
The new system will streamline the tax filing process, allowing financiers to submit or amend tax returns for the periods 2021/2023 without facing penalties.
The government will implement a gradual approach to legal requirements for non-tax return submission, based on the annual business volume of the financier. This will provide flexibility and reduce administrative burdens.
The exemption limit for international companies required to submit transaction pricing studies will be raised to EGP 30 million, easing the compliance burden for smaller businesses engaging in international trade.
The initiative aims to encourage the integration of informal economy projects into the formal economy by providing a more supportive and accessible tax framework
During the conference, Prime Minister, Mostafa Madbouly, added that the International Monetary Fund confirmed that the Egyptian government is capable of controlling inflation.
Madbouly said the Standard & Poor's index on the Egyptian economy exceeded 50 points for the first time in four years.
