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TAX ALERT

ABC Accounting & Business Consultants

30 Mar 2022

PROVISIONAL TAX REMINDER

Please be reminded that the return for provisional tax is due on the 31st of March 2022. The payment for the first quarter liability is due on 10th April 2022.

Taxpayers are obliged to submit provisional tax returns in the first quarter of each charge year based on estimated taxable income for that charge year. Where there is a change in forecast due to changed circumstances, a revised return should be submitted as soon as the taxpayer becomes aware of that change. Provisional tax payments are required to be made quarterly.


Non- compliance penalties


Returns submitted after the deadline will be subject to a penalty of K300 for individuals and K600 for companies for each month that the return is not submitted.

A late payment penalty of 5% per month on the principal tax liability is chargeable plus interest at 2% above the Bank of Zambia discount rate.


We encourage you to submit returns and pay on time to avoid penalties and interest.


The tax team at ABC Accounting & Business Consultants is available to assist.


You can download this Publication as a PDF file below.


Tax Alert - Provisional Tax Reminder
.pdf
Download PDF • 667KB






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