SMEs to receive tax exemption: CBE governor

Mohamed Samir
2 Min Read

Tarek Amer, governor of the Central Bank of Egypt (CBE), announced the agreement with the President of the international conference on financial inclusion on a plan for the implementation of a major financial inclusion program in Egypt, adding that the integration of the informal sector in the formal economy needs time and technical procedures.

Financial inclusion refers to the availability and use of all financial services to various groups of society in its institutions and individuals, especially the poor and marginalised, through the official channels of the financial sector

Moreover, “Amer” announced the agreement on the exemption of small and medium-sized enterprises (SMEs)  from taxes, with the consent of the Coordinating Council, the Supreme investment Council for, headed by President Abd El-Fattah El-Sisi.

There is confidence in the procedures and policies adopted during the recent period, said Amer in a press conference in Sharm El-Shiekh on Tuesday, he explained that the inclusion of about 9 m clients in the mobile banking services, and mobile money transfer, in addition to micro-financing 8 m micro-projects within the CBE initiative, that aims to finance 20 m client.

Furthermore, He explained that the CBE and the government are seeking to activate the National Council of payments policies and to implement the decisions taken.

The conference will be attended by more than 800 participants from more than 94 countries, represented by 119 ministries of finance and central banks, and is part of the World’s Bank Universal Financial Access 2020 (UFA2020) initiative, which aims to bring the two billion unbanked adults in 25 countries into formal financial systems.

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Mohamed Samir Khedr is an economic and political journalist, analyst, and editor specializing in geopolitical conflicts in the Middle East, Africa, and the Eastern Mediterranean. For the past decade, he has covered Egypt's and the MENA region's financial, business, and geopolitical updates. Currently, he is the Executive Editor of the Daily News Egypt, where he leads a team of journalists in producing high-quality, in-depth reporting and analysis on the region's most pressing issues. His work has been featured in leading international publications. Samir is a highly respected expert on the Middle East and Africa, and his insights are regularly sought by policymakers, academics, and business leaders. He is a passionate advocate for independent journalism and a strong believer in the power of storytelling to inform and inspire. Twitter: LinkedIn:
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