|
|
|
COUNTRY TRADING PROFILES
|
Print the page 
Taxes - Accounting
Tax Rates |
Accounting Rules
Tax Rates
Consumption taxes
- Nature of the tax
-
None as such but should be introduced soon.
- Tax rate
- Not as such. Should be introduced soon at a rate of 10%.
- Reduced tax rate
- Basic food items are exempt from VAT.
- Other consumption taxes
- There isa tax on luxury products which varies between 1,5 et 40%.
Corporate taxes
Tax rate
| Corporate income tax |
Progressive rate between 10 and 28% on net profits. |
| SYP 0 - 50,000 |
0% |
| SYP 50,000 - 200,000 |
10% |
| SYP 200,000 - 500,000 |
15% |
| SYP 500,000 - 1,000,000 |
20% |
| SYP 1,000,000 - 3,000,000 |
24% |
| more than SYP 3,000,000 |
28% |
| A local administration tax is imposed |
The rate is between 4% and 10%, depending on the region. |
| Real Estate Tax |
14 to 60% |
- Tax rate for foreign companies
- Residents and non-residents companies are charged similarly.
- Capital gains taxation
- Companies' capital gains are included in their taxable income and are taxed at the normal rate between 10 and 28%.
- Main allowable deductions and tax credit
- Special rates are applied for joint stock companies (22%), insurance companies (25%), companies whose capital is mostly public and for private banks (14%).
- Other corporate taxes
- Social security (overall of 17,1%), stamp duty (0,4 to 0,7%), real property tax (from 14 to 60%).
Individual taxes
Tax rate
| Individual income tax |
Progressive tax rate from 0% to 22% |
| From SYP 0 to 6,110 |
0% |
| From SYP 6,110 to 144,000 |
5% |
| From SYP 144,001 to 192,000 |
7% |
| From SYP 190,001 to 240,000 |
9% |
| From SYP 240,001 to 288,000 |
11% |
| From SYP 288,001 to 360,000 |
12% |
| From SYP 360,001 to 600,000 |
16% |
| From SYP 600,001 to 900,000 |
19% |
| More than SYP 900,001 |
22% |
- Allowable deductions and tax credit
- Syria has established the decree 33/2009 in May 2009 in order to limit the income tax rate to a maximum of 22%.
- Special expatriate tax regime
- Non-residents are subject to the same tax regime as residents. There are bilateral non-double taxation agreements between Syria and different countries.
Double taxation treaties
- Countries with whom a double taxation treaty have been signed
- See the list of the conventions signed
- Withholding taxes
- Dividends: 0%; Interest: 7.5%; Royalties: 5%
- Bilateral agreement
-
 We can indicate you which local taxes are applied to your product.
Accounting Rules
- Tax year
- The fiscal year begins on January 1st and ends on December 31 of the same year.
- Accounting standards
- Syria is a member of the IASB (International Accounting Standards Board).
- Accounting regulation bodies
-
The Syrian Ministry of Economy provides information on the Syrian Certified Accountants Association.
- Accounting reports
- The accounting structure comprises of audit report, Profit and Loss, balance sheet, income statement and cash flow statement.
For additional information you can consult the EStandards Forum website.
- Publication requirements
- Financial statement must be filled annually.
- Professional accountancy bodies
-
SYRECON
- Certification and auditing
- According to the law No. 20 of 1991 and the income tax law No. 24 of 2003, all the persons that are subject to pay taxes on their net earnings are required to proceed to a revision of their accounts and to obtain a certification of their fiscal declaration by a legal accountant.
You can contact an external auditor: Deloitte, Damascus; KPMG Mejjani, Damascus.
- Accounting news
-
Syrian Arab news agency
Syria report
Information portal on Syria
© Export Entreprises SA, all rights reserved.
Last updates: May 2012
|
|
|
MAP
ECONOMIC INDICATORS
Compare the potential of your markets :
|
