GROW YOUR BUSINESS IN EGYPT
Have an enterprise level payroll department and a HRMS with Employee Self-Service at a per employee cost
Praxima Services Includes
-
Full Payroll Outsourcing
-
Hybrid Payroll Outsource
-
International Payment Management
-
Local Filing
-
Social Security Filing
-
Interact with Local Authorities
-
Human Resources Management System
-
Integration with all Accounting and Third Party
Software
Get in Touch
Why Praxima?
Local Tax Compliance
Secure Data Transferring
Responsive Administrators
Increase Productivity
Industry Experts
Running Your Payroll
Focus on Your
Core Business
Egyptian Payroll Processed to International Standards
Payroll Processing in Egypt
Income taxes are withheld by the employer and remitted to the tax authority within the first 15 days of the following month. Employers also withhold social security contributions which are then remitted to the Social Insurance Organisation.
TAX RATES | 2024
Tax Rates: Egyptian Pound (EGP):
0%: 1 - 40,000
10%: 40,000 - 55,000
15%: 55,000 - 70,000
20%: 70,000 - 200,000
22.5%: 200,000 - 400,000
25%: 400,000 - 1,200,000
27.5%: 1,200,000 +
TAXABLE INCOME | 2024
Taxable income includes that derived from employment, commercial and non-commercial activities and capital gains on the sale of unlisted shares.
The aforementioned brackets also apply to non-residents on income received from the Egyptian treasury or on work performed in Egypt. Please keep in mind that both residents and non-residents are eligible for an
EGP 20,000 annual salary tax exemption.
Tax Residents
Resident employees are taxed on both income earned within Egypt and on their worldwide income. Non-residents are only taxed on their income earned within Egypt. An individual is deemed to be a resident in Egypt if he/she is:
-
Present in the country for more than 183 days, either continuously or intermittently, throughout a 12 month period.
-
Has a permanent home in Egypt
-
Is an Egyptian national deriving an income from an Egyptian source while residing abroad.
Social Security | 2024
The Social Security System includes the following:
-
Old age, disability and death insurance
-
Sickness Insurance
-
Social Care for Pensioners
-
Occupational Accidents Insurance
-
Unemployment Insurance
Employers contribute 18.75% which includes the following :
-
12% for old-age, disability and death in addition to 1% to fund the end-of-service bonus
-
3.25% for disease
-
1.5% work work injuries
-
1% for unemployment
Employees contribute 11%
-
9% for old-age, disability and death in addition to 1% to fund the end-of-service bonus
-
1% for disease
Calculations are based on a minimum social insurance salary of EGP 2000 and a maximum social insurance salary of EGP 12600.
Statutory Filing |
Income taxes must be remitted to the applicable tax office within 15 days of the month following the last remuneration.
Individuals are required to submit a declaration of income by 31 March after year end and pay any taxes based on the declaration. It is the employer's responsibility to withhold and pay salary taxes to the relevant tax authority monthly.
Should an employee be on a temporary residence permit of does not have citizenship, he/she will be required to file a tax return on the 1st of January, alternatively a quarterly tax return filed by the employer.
.
Your HRMS is Standard
Employee Self-service
Payslip and tax certificate retrieval. Updating of personal particulars. Leave request and balance enquiries
Records
Employee documents folder. Training records. Heath & Safety records. Disiplinary records. Qualifications, resume and hiring records.
Work Flow
Workflow with different approval levels. Full work flow functionality for leave requests, expense and time-sheets
PAYMENTS, REPORTING & FILING
-
Direct payment into employee bank accounts. Emailed password protected pay slips.
-
Payment of taxes, benefit providers and other creditors.
-
Filing of returns to the authorities.
-
Generation and filing of statutory reports.
-
General ledger and 100's of customisable reports.
