A partnership is a contract between two or more persons who agree to pool talent and money and share profit or losses. As each partner is taxed separately, all partners are therefore required to have a Taxpayer Identification Number (TIN) which should be different from the TIN of the partnership.
Tax Rate Applicable:
Up to Le300, 000 monthly/ Le3.6 million per annum: Nil
Next Le300, 000 monthly/Le3.6 million per annum: 15%
Next Le 300,000 monthly/Le3.6 million per annum: 20%
Above Le 900,000 monthly /Le10.8 million per annum: 30%
Due Date for Payment:
Quarterly: 15th day of the last month in the relevant quarter.
Section 4 (1) and Part I of the First schedule of Income Tax Act,2000 (as amended).