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In construction contracts specifically FIDIC1999 edition red book, deduction income tax is included in overhead costs or not???
In construction projects, overhead costs result from the company structure, its size and type of company or organization, and type of site operations & some are random with respect to the kind of job to be done. OHC is largely depends on company’s operational capacity. We can use the previous data of projects to filter out the overhead costs and even manage them wisely if give proper studies in the previous projects and also can be considered by lesson learned within company or within industry around.
Classification of overhead cost elements depends on internal accounting and costing system of the company too.
Broadly overhead costs covers: Management & administration, Communications, Travelling, HR (training, skill development, EHS etc), Financial costs, store and workshops, procurement process and marketing.
1- Office Expenses
2- Staff Salaries
3- Depreciation
4- Other Miscellaneous Indirect Overhead costs.