In November, the Egyptian Tax Authority (ETA) announced a new tax regime for companies and individual entrepreneurs. The purpose of this innovation is to create favorable conditions for business development.
The new tax is a one-off payment that consists of annual lump sum payments or flat rates for start-up companies based on annual turnover.
Taxpayers whose annual turnover does not exceed EGP 10 million will be able to benefit from the benefits and procedures provided by the Law on the Development of Medium, Small and Micro Enterprises.
This will make tax administration easier for startups.
The bill is now awaiting approval by the Cabinet of Ministers.