REDUCED CORPORATE INCOME TAX (CIT) RATES FOR VARIOUS TYPES OF TRUSTS THAT ARE EXEMPT (MUTUAL FUNDS AND APPROVED UNIT TRUST
Brief Description
Corporate tax rates are presently 25%. Although the chargeable income tax rate of trusts is
25%, the following chargeable income tax rates applies to other trusts:
• The Income of an approved unit trust schemes and mutual funds is exempt (refer to Income Tax Amendment Act 2017 (Act 956))
• Interest or dividend paid to a member or a holder of an approved unit trust or mutual fund
is exempt (amended from 1% in Act 907- the Income Tax Amendment Act 2016)
• The Income of an approved Real Estate Investment Trust is Exempt from tax
Criteria
Various types of trusts that are exempt (mutual funds and approved unit trust)
