Business / Economy
Zimra sets taxes deadline
18 Sep 2013 at 10:38hrs | Views
ZIMBABWE REVENUE AUTHORITY (Zimra)has set the end of this month as the deadline for the payment of third quarter taxes.
In a public notice yesterday, Zimra said all clients whose taxable income include amounts which are not subject to pay-as-you-earn should pay instalments for provisional tax for the year ending December 31 2013 by end of September.
"Third instalment for the provisional tax for the tax year ending December 31 2013 is due on the September 25 2013," part of the notice reads.
"This includes client in receipt of, or whose income accrued from trade or investment," the notice adds.
According to the notice, the fourth quarter instalments are due on December 20 and are paid at 35% of the annual tax payable.
In the notice Zimra said for purposes of calculating the provisional tax for each quarterly payment date, clients are required to estimate the annual tax due and calculate the amount due for every quarter.
"Zimra urges its valued clients to pay taxes in time to avoid penalties and interest normally levied on late payments," the notice adds.
The revenue authority recently highlighted concerns of late submission of returns and a growing list of clients with outstanding balances of tax returns.
It said penalties will be charged for any previous returns that remained outstanding after June 28 and any returns not submitted by due date thereafter.
Zimra said the penalty with effect from June 28 would be levied at not more than $30 for each day of the return remaining outstanding up to 181 days.
Late submissions of between 11 to 20 days will attract a fine of $150, while a delay of 21 to 30 days will result in a penalty of $450.
Zimra added that late submissions of between 31 to 60 days will be fined at $1 350 while a penalty of $5 430 will be levied against delays of between 61 to 81 days.
The tax regulator added that for the avoidance of doubt, persons in receipt of income from employment which has been submitted to employee tax are not required to furnish income tax returns while traders who are not specified under the self-assessment systems are also required to submit income tax returns.
Zimra said there will be no extension to the date given for the submission of returns.
Penalties in terms of the Revenue Authority (Civil Penalties of late Submission of Returns) regulation SI 97 of 2013 will be levied where the return remains outstanding after the deadline of September 25 2013.
In a public notice yesterday, Zimra said all clients whose taxable income include amounts which are not subject to pay-as-you-earn should pay instalments for provisional tax for the year ending December 31 2013 by end of September.
"Third instalment for the provisional tax for the tax year ending December 31 2013 is due on the September 25 2013," part of the notice reads.
"This includes client in receipt of, or whose income accrued from trade or investment," the notice adds.
According to the notice, the fourth quarter instalments are due on December 20 and are paid at 35% of the annual tax payable.
In the notice Zimra said for purposes of calculating the provisional tax for each quarterly payment date, clients are required to estimate the annual tax due and calculate the amount due for every quarter.
"Zimra urges its valued clients to pay taxes in time to avoid penalties and interest normally levied on late payments," the notice adds.
The revenue authority recently highlighted concerns of late submission of returns and a growing list of clients with outstanding balances of tax returns.
It said penalties will be charged for any previous returns that remained outstanding after June 28 and any returns not submitted by due date thereafter.
Zimra said the penalty with effect from June 28 would be levied at not more than $30 for each day of the return remaining outstanding up to 181 days.
Late submissions of between 11 to 20 days will attract a fine of $150, while a delay of 21 to 30 days will result in a penalty of $450.
Zimra added that late submissions of between 31 to 60 days will be fined at $1 350 while a penalty of $5 430 will be levied against delays of between 61 to 81 days.
The tax regulator added that for the avoidance of doubt, persons in receipt of income from employment which has been submitted to employee tax are not required to furnish income tax returns while traders who are not specified under the self-assessment systems are also required to submit income tax returns.
Zimra said there will be no extension to the date given for the submission of returns.
Penalties in terms of the Revenue Authority (Civil Penalties of late Submission of Returns) regulation SI 97 of 2013 will be levied where the return remains outstanding after the deadline of September 25 2013.
Source - southerneye
