In a move to boost growth, the government is considering restoring tax benefits on small and medium-sized enterprises (SMEs) by amending the Micro and Small Enterprises Act, 2012.
This is one of the key proposals made by the Building Bridges Initiative report.
If the report is approved and law amended, it will to the establishment of business incubation centers across the country providing business advisory services.
“The Bill seeks to amend the Micro and Small Enterprises Act, 2012 to give youth-owned enterprises a seven-year tax break and to establish business incubation centres across the country for the purposes of providing business advisory services, which includes access to capital and government contracts,” the report says.
(Download a copy of the Building Bridges Initiative Report)