President Al-Assad issues new law to provide more support for small-sized enterprises

Domestic Newsfeature

On Apr 13, 2024

President Bashar Al-Assad on Saturday issued Law No. 18 for 2024 on amending article 16 of Law No. 8 for 2021 with the aim of providing more support for small-sized enterprises.

According to the new law, the microfinance banks are exempted from income taxes on all their activities and from any fees resulted from contracts or banking operations with clients.

The law also provides exemptions to clients governed by the rules of Law No. 8 from income taxes on the revenues of circulating capitals and from fees on contracts and operations.

The amendment aims at providing more support for the work of the microfinance banks in giving loans at low interests to further encourage small and micro-sized enterprises.

Hamda Mustafa

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