Today, Monday, Syrian President Bashar al-Assad issued a legislative decree amending certain provisions of the country’s income tax law.

Key Amendments

The amendments made by President al-Assad aim to alleviate the financial burden on Syrian citizens and boost the economy. The most important changes include:

• Reduction in the payroll tax rate
• Reduction in the tax on lump-sum payments
• Increased minimum exemption amount, directly linked to the minimum wage for public sector workers

These changes will come into effect from September 1st.

Reduced Tax Rates

The amendments also include a reduced income tax rate for taxpayers in commercial and non-commercial professions, including scientific professions. The exempt minimum has been increased to three million Syrian pounds per year, up from 50 thousand Syrian pounds. Additionally, the income tax for business tourism has been reduced to 2% from 2.5%.

Exemptions

The amendments provide complete exemption of profits for dairy and poultry enterprises from income tax starting in 2022. There is also a reduction in the costs of social responsibility and donations paid by taxpayers, limited to a maximum of 4% of net taxable income.

Impact on Citizens

These tax amendments come at a time when Syrian citizens are facing a suffocating crisis due to low income and rising necessities, including fuel. The country is also grappling with harsh Western sanctions, including the American Caesar Act, which have severely impacted the economy and the Syrian people. Syria currently has one of the highest annual inflation rates in the world.

Sources

Sources: RT+, President of the Syrian Arab Republic