Egypt MOF Announces 2020 Budget Proposal

The Egyptian Ministry of Finance Sept. 21 announced the draft budget proposal for 2020. The draft budget includes measures that would: 1) expand the tax base scope for economic activities and strengthen measures for taxation of the digital economy; 2) exempt qualified SMEs from stamp duties on certain transactions and services; 3) exempt qualified SMEs from capital gains taxes on the disposal of fixed assets if funds are reinvested in other fixed assets; 4) tax entities with the annual turnover over 10 million Egyptian pounds (US$613,346) at 25.1 percent; 5) tax entities with turnover between 3 million pounds (US$184,003) and ...