Cairo – Mubasher: The Egyptian Minister of Finance, Mohamed Maait, announced new tax incentives included in the micro-, small- and medium-sized enterprise (MSME) development law.

The new law includes a simplified tax system for MSMEs which will help the owners assess the due taxes on their own and file their tax returns on an annual basis without submitting any documents or invoices, Maait said in a statement on Monday.

Sales less than EGP 250,000 per year will be taxed EGP 1,000, while sales less than EGP 500,000 will be taxed EGP 2,500 and sales less than EGP 1 million will be taxed EGP 5,000.

A tax rate of 0.5% will be levied on sales between EGP 1 million and EGP 2 million, 0.75% on sales between EGP 2 million and 3 million, and 1% on sales between EGP 3 million and EGP 10 million.

The law also includes exemption from stamp taxes and fees of registering companies' deeds of association, land deeds, and credit facility agreements.

Moreover, custom duties on machinery and equipment are slashed to 2% from 5%