Mali legal and accounting and tax considerations in 2024

1. The standard corporate tax in Mali stands at 35%. All companies are required to i) file their tax return before 30^th April of the following year and ii) pay provisional taxes before 30 March, 31^st July and the 30^th of November based on 35% tax liability of the previous year;
2. Dividends derived from a company incorporated in Mali are subject to a withholding tax rate of 10%;
3. The tax losses by Mali corporations can be carried forward for up to 3 years. However, carryback of losses is not allowed;
4. Value Added Tax is levied at a rate of 18%. All businesses are required to obtain a VAT registration number within 30 days after incorporation;
5. All employers in Mali are required by law to pay a 3.5% payroll tax on the gross salary of every employee;
6. For social security tax funds, for both health care and pensions, employees are subject to a 3.6% of their pretax salary while the employer pays 35% of the employee’s gross salary;
7. Holding companies are not subject to any corporate taxation in Mali;
8. All undeveloped and developed real estate are subject to real property tax at annual rate of 3% of the property’s total value;
9. The government of Mali determines the rate of the interim tax on profits as per the company’s specific situation. The rate should generally not exceed 3%. However, this rate may be increased to a maximum of 5% if the company in question has no tax identification number;
10. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.