SMEs to re­ceive tax ex­emp­tion: CBE gover­nor

In­clu­sion of 9 mil­lion clients in mo­bile bank­ing ser­vices

The Daily News Egypt - - Front Page - By Mo­hamed Samir

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 Al-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 mil­lion 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 mil­lion 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.

Tarek Amer, the gover­nor of the Cen­tral Bank of Egypt (CBE)

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