The Republic of Mali is a landlocked country in West Africa, the eighth-largest country in Africa is bounded by Niger and Senegal rivers, the Sahara desert, and the Sudanian savanna.
The country’s economy is predominately agriculture and mining, it is the third-largest African producer of gold and it also exports salt.
Mali taxing consideration
Explained below are some of the taxes considered in Mali
Standard corporate tax
In the country, standard corporate tax amount to over 35%, which means all companies are required to do the following; file their tax return before the 30th of April before the following year, and provisional taxes are paid before 30th March, 31st July, and 30th November. This is based on the 35% tax liability of the previous year.
The Mali corporations can carry forward tax losses forward for up to 3 years, though carryback of losses is not allowed.
Holding companies are exempted from corporate taxation in Mali.
Withholding tax
The dividends gotten from any company incorporated in Mali are subject to a withholding tax rate of 10%.
VAT
The rate value-added taxes are levied is 18%. The Mali corporation ensures that all businesses are required to obtain a VAT registration within 30 days of incorporation.
Social security tax
For Social security tax funds such as health care and pension, the employees are subjected to 3.6% of a pretax, the employer pays 35% of the employee’s gross salary.
Payroll tax
All employers in Mali are lawfully required to pay a payroll tax of 3.5% on the gross salary of all employees.
Real property tax
Whether developed or underdeveloped, all real estate properties are subjected to a real property tax at the annual rate of 3% of the property’s total value.
Other tax information
The personal and corporate tax obligation of any resident in Mali is domicile, and these are fulfilled annually.
The interim tax on profits is determined by the government of Mali, this is ascertained by the company’s specific situation. Generally, the rate should not exceed 3%, although it can be increased to a maximum sum of 5% if the taxed company has no tax identification number.
