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SMEs to receive tax exemption: CBE governor - Daily News Egypt

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SMEs to receive tax exemption: CBE governor

Inclusion of 9 m clients in mobile banking services

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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