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 a société other than a resident société holding a Global Business license under the Financial Services Act, is liable to pay tax under CSR which is based on the chargeable income of the preceding income year.

   Note that the net income of a Société shall be deemed to be its chargeable income.

   A resident société is required to fill in and submit its annual return of income (IT Form 6) electronically on the MRA website. The due date to file the return and pay tax (CSR) if any, is 30 September.

   A non-resident société is liable to tax as a company and should pay income tax at the rate of 15%.

   A resident société holding a Global Business License may, by notice in writing given simultaneously to this office and to the Financial Services Commission, opt to be taxed at the rate of 15%.

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 electronically on MRA website. The due date to file the return is 30 September.