R.DIMINGO

Zimbabwe tax commentary

SUBMISSION OF 2011 RETURNS

The Zimbabwe Revenue Authority recently announced the due date for submission of income tax returns for the year ended 31 December 2011.

In Public Notice Number 10 of 2012, the taxation authority announced that the following taxpayers are required to submit income tax returns by 31 May 2012;

  • Individuals, companies and trusts in receipt of income from trade and investment and are not specified as being on self-assessment.
  • Persons who received income consisting solely of employment income that exceeds the tax-free threshold for that year and the employer did not implement the Final Deduction System (FDS).
  • Every person, whose employer implemented the Final Deduction System but received non–employment income, changed employers, started or terminated employment during the year, received a pension or worked part time in addition to full time employment and
  • Representative taxpayers as defined in the Income Tax Act.

Taxpayers specified as being on self-assessment are required to submit their self-assessment returns (ITF12C) no later than four months after the end of the year of assessment.

The Notice goes on to clarify that taxpayers who received income from employment, which was subjected to employees’ tax (PAYE) according to the Final Deduction System and who were employed by the same employer throughout the year, are NOT required to furnish Income Tax returns.

The due date for submission of income tax returns has always been April 30. Taxpayers are automatically given 30 days in which to submit the said returns.

Category: Taxation