Some 30 to 40 per cent of small and medium-sized Egyptian enterprises operate outside the formal economy, the Anadolu Agency reported a senior minister saying yesterday.
Finance Minister Hani Qadri Demian said the Egypt government is working to lower the number this year.
He said that the government is also planning to support small and micro industrial enterprises by approving a “very simple” taxation system for them.
Demian noted that his ministry is seeking to support the customs system in order to eradicate the illegal markets which compete with small projects. The illegal markets are supplied by goods which are smuggled into the country and sold at below market value, he explained, adding that there would be severe punishments for smugglers.
Earlier, Prime Minister Ibrahim Mihlib said small and medium-sized enterprises play a large role in the Egyptian economy and they contribute to decreasing the unemployment rate.
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