Egypt’s President, Abdel Fattah El-Sisi, announced a five-year tax exemption for small and medium-sized enterprises (SMEs) that register their business in the formal economy. El-Sisi made this remark during the fifth edition of the National Youth Forum in Cairo, which witnessed a ministerial presence along with high-profile professionals.
On the sidelines of his visit to Burg El Arab Technological University in Alexandria, Sisi confirmed that assistance and support will be provided to any startup and that it will be exempted from taxes for a period of 5 years, adding that the government spends between $24 billion to $30 billion annually to bring production requirements for about 150 producers.
Previously, a presidential initiative was launched to grant EGP 200 billion in loans for SMEs through the central bank over four years.
