Syria.. President Al-Assad issues an “amended” law to provide greater support for small projects

Syria – Syrian President Bashar al-Assad issued a law yesterday, Saturday, amending the law on microfinance banks, to achieve greater support for small projects.

In details, President Bashar al-Assad issued Law No. 18 of 2024, amending Article 16 of Law No. 8 of 2021.

The amendment contained in the new law includes:

Exempting microfinance banks from income tax for all of their work.

Exempting it from fees resulting from any contracts or operations it conducts with clients.

The new amendment grants bank customers covered by the provisions of Law No. 8 exemptions from income tax on the proceeds of circulating capital from the returns on deposits with these banks, and on the fees resulting from all contracts and operations they conduct with microfinance banks.

According to the Syrian News Agency (SANA), this amendment aims to further support the work of microfinance banks in providing loans at low banking costs to support the projects of small producers and owners of small and micro enterprises and to create additional job opportunities.

In 2021, President Al-Assad issued Law No. 8, which allows the establishment of microfinance banks with the aim of achieving financial benefit for the largest possible segment of small producers and small business owners who are able to engage in economic work, but are unable to secure the necessary financing for it.

Source: “SANA”