Who needs to submit this return?
The person who is required to submit the Partnership Return is the Precedent Partner. The precedent partner is the first named person in the partnership agreement. If there is no agreement, the person who is named singly or is dominant (senior) over the other partners in the named firm.
Please refer to Section 66 Income Tax Act, Chapter 81:01 for additional requirements.
- Partnership Returns are a declaration of all incomes, deductions, gains, losses from its operations.
- Partnership returns are not subject to the payment of any Income Tax, Property Tax, Capital Gains Tax or any other similar taxes or fees.
- Individual partners are required to file their Income Tax Returns separately. Each partner includes his/her share of the partnership’s income or loss on his/her tax return in accordance with the partnership agreement.
When and Where does this return need to be submitted?
How to fill this Return?
Explanation of terms
|Year of Assessment||Enter the year that follows the calendar year in which income was earned.|
|Amendment||Tick this box if you are making changes to a Return that was already submitted to the GRA.|
|Changed?||If the details for the specific line item has changed recently or is different from the information the GRA currently has, fill in the correct information in the line item and tick this box.|
|8||Accounting Period||Enter the start and end dates for the year that the income was earned.|