We're excited to announce that we have added a new option to Egypt’s Payroll Setup, allowing users in Egypt to deduct The Martyrs and Victims Fund Tax from employees' salaries. Once this new option is activated, 0.05% of employees’ monthly salaries will be automatically calculated and deducted from their salary slips.
TABLE OF CONTENTS
How to Activate Martyrs and Victims Fund Tax Calculation
User Menu → System Preferences → Financial Setup → Payroll Setup
To activate the Martyrs and Victims Fund Tax calculation, on the Payroll Setup page, under the Tax section, check the box “Calculate the martyrs and victims fund tax” to activate it.
Once the option is activated, the Martyrs and Victims Fund Tax will be deducted from all employees with salary packages that are subject to tax during the salary calculation.
Egypt’s Martyrs and Victims Fund Tax Equation:
(Basic Salary + All Taxable Allowances) ✖ 0.05%
Sample Calculation:
Employee’s Basic Salary = 10,000.00 EGP
Monthly Allowance = 500.00 EGP
Egypt’s Martyrs and Victims Fund Tax = 5.25 EGP
Please note that absence amounts due to hiring or termination will be deducted from the monthly salary before the Martyrs and Victims Fund Tax is calculated. However, absence amounts due to unpaid leave or vacations will not affect the calculation.
Where to View the Calculated Martyrs and Victims Fund Tax Amount
Employees' Salary Slips:
Main Menu → Payroll → Manage Financials→ Manage Salaries → Details
If the employee is subject to tax laws, the Martyrs and Victims Fund Tax can be viewed on their salary slip.
- The Salaries Report & Salary Batches Report:
Once the feature is activated, a new checkbox will appear in the Salaries Report and the Salary Batches Report that’ll allow the user to add the Martyrs and Victims Fund Tax as a column in the report’s excel file that will be generated.
How to add the Martyrs and Victims Fund Tax to the Salaries Report:
Main Menu → Reports → Financial Reports → Salaries Report
How to add it to the Salary Batches Report:
Main Menu → Payroll → Manage Financials → Manage Salaries → Salary Batches → Batch → Salary Batches Report
