CAIRO The Kuwaiti cabinet on Monday told the National Fund for Small and Medium Enterprises Development to set up mechanisms to disburse support to eligible…
Union criticizes latest Health hammer-blow
KUWAIT CITY, Feb 7: National Assembly Speaker Marzouq Al-Ghanim had another meeting with the owners of small and medium enterprises (SMEs) covered by the decision of the Cabinet to close certain establishments in order to curb the spread of coronavirus, affirming their message has been delivered to the concerned authorities and that their demands will be taken into consideration. “No one is against any decision to protect the public from coronavirus, but it is unacceptable to close establishments without compensating the owners for the damages they incur. Regulations must be enforced properly and those who strictly follow the regulations should not be punished,” the Speaker asserted.
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The need for a change in definition, that s aimed at offering small firms the incentives to grow and thereby reap economies of scale was argued for in the Economic Survey 2018-19 too.
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The RBI also constituted an Expert Committee on Micro, Small and Medium Enterprises (2019) which recommended using the annual turnover as the criteria instead of the investment based criteria.
One of the interesting takeaways of the Economic Survey 2020-21 tabled today is the fact that it also revealed the government s rationale for the revision in the definition of MSMEs made in June last year. The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 had defined MSMEs, based on investment in plant and machinery or equipment. Such an investment based criteria was to be calculated at the original price thereof. This had disadvantaged the sector as it disincentivised investment and prevented the MSMEs to reap the benefits of economies of scale and contribute more s
Licence fee waiver for SMEs in Oman
MUSCAT, January 26, 2021 Oman s Authority for Small and Medium Enterprises Development (Riyada) has issued details on incentives offered to owners of small and medium enterprises (SMEs) with a view to waiving of SME licence fees. The incentives target SMEs operating in the sectors of manufacturing industries, agriculture and fisheries, services, logistics and related activities, according to the Invest-Easy portal rating specified by the Ministry of Commerce and Industry and Investment Promotion. It is a condition (for exemption from government license fees for the target activities) that the licenses be issued for the first time. It is not allowed to sell, transfer or modify the commercial register of the beneficiary SME for a period of three years, except in the case of transfer of the commercial register to a full-time citizen who is a holder of the Riyada card or in the case of cancellation of the establishment by the canc