Tuesday 06/May/2025 – 09:56 PM
Rasha Abdel -Al, head of the Tax Authority, confirmed that the Law of Small Projects, whose business is less than 20 million pounds, provides significant facilities that include exemption from many basic taxes.
She explained that these exemptions include stamp tax, profit distribution tax, capital profit tax, collection system under the tax account, and payment system.
She added during televised statements: This law is permanent, continuous, not temporary, and there is a very important point that I would like to emphasize, which is that in the event of applying during the time available for the facilities initiative to register in this system – and I appeal to the parallel economy specifically to register in the Tax Authority – the date of registration will be the beginning of the tax treatment. This means that even if the project belonging to the informal or parallel economy is continuing to work for years before registration, we will not hold it accountable and will not ask him for taxes for the periods that preceded the registration.
Specific tax exemptions for projects
The head of the Tax Authority explained: There are 9 specific tax exemptions for projects of less than 20 million pounds. There will be a simplified annual acknowledgment of income tax and annual profit for value -added tax. The primary condition for taking advantage of these advantages is to adhere to providing tax declarations on their dates.
She announced an additional facilitation for newly joining the parallel economy, saying: As for the entities that are applying to register with us in the Tax Authority and belong to the parallel economy, we will not examine their tax decisions for a period of five full years. There is a final deadline until May 12 to settle the conditions of those who are not registered in the tax system and benefit from these advantages.
