Dr. Mohamed Maait, Minister of Finance, sent a letter to owners of small and micro enterprises, during which he revealed some of the new tax incentives included in the Small, Medium and Micro Enterprises Development Law, within the framework of the national campaign to build tax awareness, stressing that there is a simplified tax system for these projects that extends bridges of trust with Their owners with a view to their development; As one of the pillars of economic growth, rich in jobs.
The minister said that the tax, according to the new law, is definitive and simplified according to the volume of sales or business without the need for books, documents or purchase invoices, explaining that the volume of sales or business is determined by the project owner’s declaration, through a simple, annual tax return that he prepares accurately, and the tax authority trusts At his discretion.
The minister added, directing his speech to every small business owner, i.e., micro,: “You are an expert yourself .. You will not go to the tax authority, and a tax officer will not visit you, and you will not need an accountant. Determine the volume of your annual sales or business by yourself, and we trust your estimate .. If the sales or business are less than 250 thousand pounds, the tax is one thousand pounds annually, and if it is less than 500 thousand pounds, the tax is 2500 pounds, and if it is less than one million pounds, the tax is 5 thousand pounds annually, and if the sales or business ranges from one million to 2 million pounds it is The tax is 0.5% of the volume of sales or business, and if it ranges from 2 million to 3 million pounds, the tax is 75%, and if it ranges from 3 million to 10 million pounds, the tax is 1%, a simple need you can participate in making the present and future of your country.
The Minister called on owners of small and micro enterprises to accelerate their registration in the Small Enterprise Development Agency, pointing out that in the event of realizing losses or an increase in the definitive or proportional tax established in the Small, Medium and Micro Enterprises Development Law, for the value determined according to the Income Tax Law, accounting can be requested With the lower value according to the income tax law, so that losses are carried over for several years, and it is also possible to refer to the umbrella of the Small Projects Law again after 5 years.
He pointed out that the medium, small and micro enterprises are exempt from stamp tax, notarization fees and the month of contracts for establishing companies and establishments, credit facilities contracts, mortgage and land registration contracts, pointing to the reduction of customs duties from 5% to 2% on machinery, equipment and devices necessary for the activity.