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Taxation Consultancy

SMC provides an outstanding service in the field of taxation since we are specialized in that portion, especially all kinds of general tax, sales tax, real-estate tax, taking into consideration the legislative requirements while handling contracts for zakat and tax purposes, in a way to get fully utilized by exemptions to achieve maximum tax savings. This while providing you with any practical applications or Provisions for the company as similar cases in various types of taxation as follows:

· Tax on profits of companies, industrial and commercial activities

· Salaries Tax and equivalent

· Stamp Tax

· Deduction and Collection Tax for Tax provision

· Sales tax and equivalent

· Real Estate tax

· Zakat income

First: Tax on profits of companies, industrial and commercial activities:

  • We prepare and submit returns in accordance with the provisions of tax law No. 91 of 2005 and its amendments & implementing regulations as well as law no. 35 & 44 of 2014 where they deal with financial statements for the financial year adopted each year from the tax aspect which complies with the applications of the new law. We attend the inspection work and contact responsible persons to end any discrepancies might arise and to answer queries. In case of disagreement between the company and the concerned tax office, we handle the situation, represent the company before the internal and appeal committees and prepare defense submissions to achieve best possible results to reduce the tax burden on the company.
  • Auditing and approving the tax return & financial investments in the light of law no. 53 & 44 of 2014
  • Assess the investments in the financial securities by the foreign currency
  • Help in preparing and submission the tax return to handle the tax impact for the above mentioned laws
  • Provide consultation with regard to how to calculate the tax of the investment funds

Second: Sales Tax and Equivalent:

We guide the company on how to benefit from tax and legal exemptions for the maximum reduction of tax burden on company’s employees.

· Guide the company to deduct the tax from the employee through the monthly payroll according to the prepared reconciliation by our side, supply the due tax to the concerned tax bureau within the first fifteen days of the following month.

· Prepare and submit a quarterly tax report to Taxation Bureau on the legal dates annually on form no. 4 prepared for the salary of employees of the company including their number and value of their salaries along with the amounts being deducted under the tax provision.

· Prepare annual salary reconciliation and to be submitted during the legal term before the end of each January for the ended year in conformity with the monthly prepared reconciliations.

· Provide tax reconciliations to the Tax Authority and attend tax inspection.

· Review the inspection report prepared by the Tax Authority; furnish any necessary analytical data in terms of our revision.

· Prepare a memorandum of appeal on the basis of the report of the inspection and submitted to the Interior committees and to discuss the appeal on points of dispute in order to reach the best possible results and reduce the tax burden on the company.

Third: Stamp Tax
We attend the tax inspection, receive the forms, submit relevant appeal forms, furnish the necessary data and documents, attend the interior and appeal committees to reach the best possible results.

Fourth: Deduction and Collection Tax for Tax provision

We provide other taxation service for the company which need well knowledge of tax and companies laws, investment incentives guarantees, taxation inspection requirements in the light of our scientific and practical experience relating what has been agreed upon relevant all tax problems, most important of these works are:

· Prepare and submit company’s deduction and collection form for tax provision on form (No.41 Deduction and Collection).

· Help company’s management to know deduction and collection rate for tax provision according to dealings type with different companies as well as provision of income tax law No.91 for year 2005.

· Pay deduction and collection tax for tax provision at legal times at end of (April- July-October-January)

· Attend taxation inspection relevant to deduction and collection for tax provision to achieve maximum saving for company’s interest.

Fifth: Sales Tax

· Prepare the tax return or revising it on monthly base, then submitting it to the concerned bureaus, verifying the accuracy of data and documents for the best calculation of due taxes.

· Attend the tax inspection, receive the forms, submit forms of appeal, attend the primary and financial arbitration, prepare memorandums reach the best possible results and reduce the tax burden.

Sixth: Real Estate Tax

· Calculate the property tax burdens in accordance with the law 196 of 2008 paid by the payees of the due tax on the existing real estate properties (residential units and others on the basis of calculating market, capital and annual rental value or on base of calculation of land’s and building’s surface area, along with calculated value of the buildings and annual rental value of non residential properties.

· Draw the owners’ attention to benefit from the legal taxation exemptions in accordance with the real estate law to maximum decrease of the taxation burden on owners (residential, commercial, industrial, tourist, etc).

· We submit the taxation returns every five years in the case the inventory five as well as the taxation returns in case of the annual inventory at time prescribed by the law

· We submit the appeal requests to the real – estate tax offices at the legal times within the sixty days clearing the main reasons of the appeal on the rent value estimations as well as following up till attendance of sessions before the concerned committees for our recommendations and the reasons of appeals until we reach to the best results.

· Submit the residential notices related to the residential units which are used in the purpose of the private housing and proving that to the real estate tax office by all the methods to obtaining the prescribed exemptions

· Pay the due tax on property on time in accordance with the relevant law without any penalty.

· Represent the owner before the concerned authorities in accordance with the administrative custody law no.308 and amended laws. Study the situation; review the rules in respect of custody procedures on debtor’s assets being sold by force to pay the administrative debts for the best results.

· Issue certificates state the book estimating value of the land or the buildings on the base of total surface area as per the approved drawings, type and square meter cost without any responsibility on our firm.

Seventh: Zakat on income

· Help and guide the ZAKAT payee (individuals & companies) to be aware of the funds (assets) subject to ZAKAT as well as the liabilities that must be deducted from ZAKAT funds to reach the ZAKAT basis and how to calculate the due value and whom to be given.

· A guide to be delivered to the interested individuals, economical and financial entities, business men.

Define the main rules for ZAKAT calculation and all related matters for interested ZAKAT payees.