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اليوم السابع
Property tax exemptions for small and medium projects
The House of Representatives approved a law for the development of medium, small, and micro enterprises. This law includes procedures for exempting these small and micro units from property tax for a specified period determined by the Board of Directors or the Cabinet. It also stipulates that capital gains resulting from the disposal of project assets are exempt from taxes if the proceeds are reinvested in the purchase of new assets within one year of the disposal. Additionally, dividends distributed by a one-person company from projects subject to this law are not subject to income tax if the sole partner is an individual. The law aims to provide financial incentives to support these groups of projects and stimulate their economic growth.
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