Income Tax Law
|DATE OF PROMULGATION
||Approved by the People’s Assembly on October 28, 2003
Promulgated by President Bashar Al-Assad on November 13, 2003
- Income tax rates are lowered significantly in comparison with previous legislation.
- Income taxes are imposed on commercial establishments ranging from 10% to 28%.
- Corporate tax is usually set at a rate of 22% though significant deductions exist in certain cases.
- Further incentives are also afforded to businesses that operate in the industrial sector.
- Depending on the types of business dealings involved, other taxation structures apply.
- The payroll tax ranges from 5% to 22%.
- Historically, income tax legislation was governed by Legislative Decree 85/1949 and its amendments before Law 24/2003 came into effect.
- Important amendments to Law 24/2003 are contained in Law 60/2004 and Legislative Decrees 51/2006 and 10/2015.
- Latest amendments to the payroll tax are found in Legislative Decree 42/2011.
- Amendments to Law 24/2003 are also contained in Law 41/2005, which deals with capital gains tax on real property.
- This Law was enacted during the time Syria began to gradually liberalize its economy but not before plans for a social market economy were officially announced.
- This Law was passed as part of the package of taxation reforms that were initiated in 2003.