Form 220. Also Form 300 for VAT and Form 110 for withholding tax
Filing period: January 1 – June 30 of the following year.
The corporate tax rate is 25%. All expenses for the property are deductible, including utilities, renovation work, management fees, and property taxes.
There are accounting obligations involved in maintaining an SL.
Shareholders and directors of the SL may be residents or nonresidents.
If any future litigation is directed at the individual, liability cannot involve the property because the SL, not by the individual, owns the property.
As a corporation, the capital gains do not have to leave the company to be taxed at 25%. They can be left as “reserves” for the company. There are five years in which to pay taxes on that capital gain, or to spend that money on another business (or house).