Submission of income tax returns (ITF12c, ITF1, CGT1)

15 Mar, 2018 - 00:03 0 Views
Submission of income tax returns (ITF12c, ITF1, CGT1)

The Herald

All persons who receive income or gains, or to whom income or gains accrue from a source within or deemed to be within Zimbabwe, are required to submit Income Tax Returns or Capital Gains Tax Returns.

Planning and preparation is very important in meeting the deadline for submission of returns. Failure to submit returns may result in penalties being charged and excess funds being spent on running the business. Preparation will save time and hustle of going around to rectify problems.

Submission of returns is critical for issuance of tax clearances and clients are encouraged to be compliant as paying taxes and duties on time and in full dignifies the nation.

The categories of taxpayers listed below are encouraged to work on their returns such that by the due date the returns are ready for submission.

Income from employment [non-final deduction system cases]

Persons in receipt of income from employment should submit Income Tax Returns [ITF 1] within 30 days of the publication of this notice. This applies to persons who during the year 2017:

Terminated employment before the end of 12 months; or

Were employed for periods less than 12 months; or

Changed employers; or

Received income from more than one employer; or

Received pension in addition to employment income.

For the avoidance of doubt, persons in receipt of income from employment which has been subjected to Pay As You Earn (PAYE) or Employees’ Tax and were employed by the same employer throughout the year, are NOT required to furnish Income Tax Returns.

Income from trade and investments

All taxpayers, except those on employment income, are on Self-Assessment meaning that they are required to submit the Income Tax return by 30th April 2018 accompanied by the relevant financial statements.

Income from disposal of specified assets and marketable securities.

Individuals and persons who disposed of specified assets and marketable securities in 2017 and did not submit Capital Gains Tax Returns are also required to submit returns on Form CGT1 in 2018.

Please Note: Income Tax Returns are submitted on line on http://efiling.zimra.co.zw.

Disclaimer

This article was compiled by the Zimbabwe Revenue Authority for information purposes only. Zimra shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority. 

 

To contact Zimra: WhatsApp line : +263 782 729 862 — Visit our website : www. zimra.co.zw — Follow us on Twitter :  @Zimra_11 — Like us on Facebook : www.facebook.com/ZIMRA.11 — Send us an e-mail : [email protected]/[email protected] — Call us (Head Office) : 04 –758891/5; 790813; 790814; 781345; 751624; 752731 — e-TIP : http://ecustoms.zimra.co.zw/etip/

 

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