UHY Dawgen Chartered Accountants Blog | INCOME TAX AND PARTNERSHIPS

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 INCOME TAX AND PARTNERSHIPS
There are many persons who operate a business in partnership with others, sharing the profits or losses. If this is the case, it is important to understand how the income tax law applies. Partnerships should be registered and have a Taxpayer Registration Number (TRN). It should be noted that while a Partnership is NOT taxable, each individual partner is taxable on his or her share of any profit from the partnership arrangement.