For companies of all sizes, expanding into new markets and seeking promising opportunities for boosting market share and profitability. With these benefits come often unforeseen tax risk and reporting compliance challenges.
Compliance with all taxes in addition to tax reporting is becoming more complex. Yet your tax function is under constant pressure to deliver more with less. That includes dealing with increased compliance demands and sharpening business insight while driving down costs and turnaround times. That’s why we are here to outsource all the following functions:
INCOME TAX
- Advising and assisting in the preparation of reports for inspection by the tax authority.
- Giving consultation to the company relating to all tax matters.
- Assisting the company in filing an extension to extend the tax return filing deadline (if needed).
- Calculating the corporate tax due (after considering payments withheld and/or advance withheld amounts).
- Preparing the corporate tax return, approving it together with the company’s representative and submitting it to the Egyptian Tax Authority within the deadline.
SELF-EMPLOYMENT TAX
- Reviewing self-employed revenues and non-commercial revenues.
- Reviewing all expenses needed for the activity.
- Reviewing all tax exemptions according to article 31 in the 2005 law 91.
WITHHOLDING TAX
- Submitting the quarterly withholding tax return.
- Reviewing the preparation of related books.
- Preparing the withholding tax forms 41 based on the company information.
- Assisting the company with submitting the withholding tax amount due to be along with the withholding tax forms to the Tax Authority on a quarterly basis.
- Assisting the company with submitting the withholding tax form 11 for the amounts paid to non-residents.
DIVIDEND TAX
Helping the company to calculate Dividend tax: If the company decides to distribute dividends to shareholders; it will be subjected to 10% tax without deducting any costs, and this rate is reduced to 5% if the securities are listed on the Egyptian Stock Exchange. In case the company doesn’t decide to distribute dividends, and plans to use the money for its operations, then there is no tax.
STAMP TAX
Reviewing all contracts the company signs with other parties, especially advertising contracts.
VALUE ADDED TAX (VAT)
- Making sure that the company is in line with all value added tax laws and regulations, advising the client on the necessary corrections as well.
- Reviewing all forms of contracts that the company signs with other parties and ensuring that they are in line with laws and regulations.
- Attending VAT inspection.
- Representing the client in front of all courts if there is any dispute with the tax authority.
- Refunding VAT in case of exporting.
- Helping and giving advice concerning the preparation of the monthly tax return.
- Submitting the monthly VAT return.
PAYROLL TAX
- Preparing and reviewing monthly payrolls and calculating all taxes for all levels of employees.
- Preparing annual reconciliations of the payrolls and presenting them to the tax authority.
- Helping the company to obtain possible advantages for their employees.
- Attending labour tax inspection.
- Representing the company in front of all courts.
- Submitting the quarterly labour tax return.
- Preparing all necessary reports related to payroll books.
PROPERTY TAX
- Preparing the property tax return according to Property tax law.
- Reviewing all exemptions related to property.
GENERAL TAX ADVISORY SERVICES
- Responding to the company’s queries received verbally or via written correspondence.
- Corresponding and contacting the tax authority on behalf of the company for advice on specific matters raised.
- Updating the company on changes in regulations/laws that may affect its business decisions.
TAX RETURN FOR USA CITIZENS
While there are mechanisms in place to alleviate double taxation, there is still a requirement to file a tax return; if the filing threshold has exceeded (approximately $10,000 for a single person). The more important factor to consider is a proper reporting of financial assets held outside the U.S. This would include bank accounts, pensions, and interests in foreign companies, partnerships or trusts. Failure to report these types of assets on the appropriate forms can result in significant penalties ($10,000 per occurrence, per year).
The recent implementation of FATCA has caused tax compliance to become a pressing issue for U.S. citizens abroad. Many banks and financial institutions are requiring USA citizens to attest that they are compliant with their U.S. tax filings and obligations, as they begin reporting to the IRS on USA citizens. It is important that American citizens become compliant before the IRS contacts them.