Syrian Arab Republic

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About

Syrian Arab Republic

Capital
Official languages
Population
Currency

ISO 4217

Damascus

Arabic

17,951,639 (as of July 2019)

Syrian Pound

SYP

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Economy

"The Syrian Arab Republic has been facing a difficult economic situation since the start of the civil war in 2011. According to the World Bank, the Syrian economy has contracted by an estimated 70% since 2011, with GDP per capita falling from $2,834 in 2010 to $1,071 in 2018. This has resulted in a sharp rise in poverty, with the poverty rate increasing from 14.3% in 2010 to an estimated 80.6% in 2018.

The Syrian economy has also been hit hard by the conflict, with the Syrian pound losing more than 80% of its value since 2011. Inflation has also been a major issue, with the annual inflation rate reaching a peak of over 100% in 2018.

The Syrian government has been unable to address the economic crisis, with the budget deficit reaching an estimated 10.3% of GDP in 2018. The government has also been unable to attract foreign investment, with foreign direct investment falling from $1.2 billion in 2010 to just $0.2 billion in 2018.

Overall, the Syrian Arab Republic has been facing a severe economic crisis since the start of the civil war in 2011. The economy has contracted significantly, poverty has risen sharply, and the government has been unable to address the crisis."

Taxation

Corporate Taxation in the Syrian Arab Republic:

- Corporate tax rate is 28%

- Capital gains are taxed as ordinary income

- There are no specific tax incentives or exemptions for foreign investors

Personal Taxation in the Syrian Arab Republic:

- Personal income tax rates range from 5% to 22%, depending on income level

- Capital gains are taxed as ordinary income

Tax Payment and Calendar:

- The tax year in the Syrian Arab Republic runs from January 1 to December 31.

- The deadline for submitting tax returns and paying taxes is March 31 of the following year.

- Corporate income tax payments are made in quarterly installments throughout the year, with the final installment due on March 31 of the following year.

- Individuals are required to make monthly tax payments on their income, with the final payment due on March 31 of the following year.

It is worth noting that the Syrian Arab Republic has been experiencing significant political instability and economic disruption in recent years, which may impact the implementation and enforcement of tax laws. In addition, the country may have varying tax regulations in different regions, depending on local authorities. It is recommended to consult with a tax professional familiar with the specific circumstances in the Syrian Arab Republic for personalized advice on tax matters.

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