Deadline for the reporting of rental income

The reporting deadline for rental income derived in basis year 2018 from both residential and commercial property, to be reported under the final withholding tax regime of 15% is 30 April 2019. Alternatively, tax payers may opt to have gross income less allowable deductions (in line with specific subsidiary legislation) to be taxed at the applicable rate (35% in case of companies or progressive rates for individuals).

In order to benefit from the 15% rate, tax payers must declare such income in a prescribed form, thereafter excluding such income from declaration in their tax return.

A tax payer cannot apply both options for different immovable property, in the same year of assessment, but must use the same regime throughout for all of their rental income derived from immovable property, although one can switch between regimes in subsequent years of assessment.

Speak now to one of our experts to get guidance on how to file your return and benefit from the 15% rate.