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Société & Succession

 

  1. Société (Partnership)

    A resident société is not liable to tax. Instead, every associate of the société is liable to tax on his share of income, whether distributed or not.

     

    However where a société owns immovable property and the property is thereafter sold or transferred, the tax on the gains derived thereon is payable by the société.The Tax rate on Gains from immovable property is 10%.For more details and method of calculation, refer to Guide on Capital Gains Tax.

     

    A resident société is required to fill in and submit its annual return of income (IT Form 6) to the MRA not later than 31 March.

     

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    A non-resident société which is liable to tax as a company as well as a société holding a Category 1 Global Business Licence that opts to be liable to tax should fill in and submit an IT Form 3

     

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  2. Succession

    A succession is not liable to tax. Instead, every heir of the succession is liable to tax on his share of income, whether distributed or not.

     

    A succession is required to fill in and submit its annual return of income (IT Form 9) to the MRA not later than 31 March.

     

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