Tax system in Ethiopia – Declare tax to ERCA online
There are a number of ways Ethiopian business owners can prepare and declare tax to ERCA (Ethiopian Revenue and Customs Authority). Bus there is few way to do it right in the twenty first century. In the century where time and money are precious. There is in fact only one way and that is TYC Tax.
This post will introduce you with TYC Tax. It will guide you how you can start this simple and yet crucial step into your company’s success. It will highlight the benefits you can get from this modern technology in the crazy business environment of Ethiopia.
What is BusinessTYC and TYC Tax?
Ok first what is businessTYC? Well BusinessTYC is a sets of application developed by A & L Information Technology PLC to nurture local business needs. These applications include inventory management, sales management, etc. At the center of all this systems and every business is Money and Tax. And that is where TYC Tax (TYC eTax) comes in.
TYC eTax is tax calculation, preparation and declaration application made in Ethiopia for Ethiopian business. It is an online tax software that bridges the problem between Ethiopian business owners and ERCA. It is a modern tax system in Ethiopia accountants and business owners use.
What is ERCA? and Different between TYC Tax and ERCA eTax
If you are not familiar with it ERCA is the Ethiopian Revenue and Customs Authority. Is is the government body responsible for collecting revenue from customs duties and domestic taxes.
ERCA has an eTax application that allows some of its tax payers to report their tax online. It is made mainly for the government and for communication.
Unlike ERCA’s etax, TYC etax/ TYC Tax is made for business owners and accountants. It’s focus is not just tax declaration. It is made to help you in tax calculation and preparation too. It also help you track your income and expenses. Local and international purchases. Furthermore it tracks back your possible refunds from ERCA. Finally you can use it to declare tax to ERCA .
Reports automatically generated by TYC Tax.
When you start using TYC Tax the following reports are automatically generated for you. You don’t need to go through complex calculations and previous data at all.
- Monthly VAT declaration report,
- Monthly purchase report.(Both Local goods and services )
- Monthly Withholdings,
- Monthly Employee Report,
- Monthly Employee Pension Tax,
- Yearly Profit and Loss Statement, etc.
Who is TYC for?
TYC Tax is for both business owners and accountants. In fact it best suits accountants who manage accounts of more than one company. They can manage a number of clients in it.
Starting TYC tax
To start using TYC etax just go to the etax product demo page and create account. You can try it for free, don’t worry. If you need support you can reach us . Once you logged in follow the instructions either in the system tour or here.
- Create your company,
- Enter your local purchases (both goods and service),
- Based on the way you created your company your may need to enter your sales ,
- Finally print your reports and declare your tax.
It is as simple as that! Next month you don’t have to remember this month’s detail. The system will do that for you. And at the end of the year everything is a delight with BusinessTYC tax.