Egypt Issues New Tax Accounting Rules for Small Businesses
Type
E-journal
Date
10 Feb 2012
Jurisdiction
Egypt
Taxonomy
Companies & Corporate Bodies, Accounting Standards, Corporation Tax, Income Tax
Copyright
LexisNexis
Legal reference
Article 17 of Egypt Law No. 91/2005
Analysis
The Egyptian Ministry of Finance has issued new rules and regulations governing the tax accounting of small businesses
The most notable change is that small businesses will no longer be divided into three categories for tax purposes.
There is now just one category with simplified regulations.
Small businesses are defined as companies with a maximum size of one million Egyptian pounds.
Companies that exceed one million pounds in annual income will follow the accounting standards spelled out in Article 17 of Egypt's Income Tax Law, Egypt Law No. 91/2005.
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