Cairo – Mubasher: The Ministry of Finance (MoF) is currently working on setting up a taxation system to include small-and-medium-sized enterprises (SMEs) and to help them grow, said Amr Al-Mounir, deputy finance minister for tax policies, on Saturday.
Taxes amounted to EGP 364.29 billion (41.06 billion), representing 664% of total revenues in Egypt's budget in the fiscal year ended June 2015, official data has shown.
The draft law for added value entails raising the registration bar to EGP 500,000 per year, which means that small producers and service providers will not need to register, he added, according to statement.
The ministry will give special attention to real estate taxes that amount to EGP 400 million by the end of April, as well as startup taxes that achieve less than EGP 900 million, the official added.
Total real estate taxes in the fiscal year ended June 2015 amounted to EGP 3.9 billion, representing 1% of total tax revenue, according to official data.
