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FIRST QPD FOR YEAR 2021

The first installment of provisional income tax  for this year is due on Thursday 25 March 2021. This installment (which is payable in the currency of trade) is calculated at ten percent of the projected annual tax  from trade and investment. The rest of the QPDs for the year are payable as set out below.

  • First QPD – 10 percent payable on 25 March
  • Second QPD – 25 percent payable on 25 June
  • Third QPD – 30 percent payable on 25 September
  • Fourth QPD – 35 percent payable on 20 December

Income tax for the year is expected to be fully paid by end of December. If not, interest is charged on underpaid QPDs where the margin of error on projected taxable income exceeds ten percent.

The returns (ITF12B) for provisional tax payment for the quarter must be submitted to the taxation authority on the said dates.

 

Richard Dimingo
Richard Dimingo
Practice Manager Next Investments

Richard Dimingo is a multi-disciplined practitioner with more than twenty five years experience in the accounting, tax and management consulting field. He is a tax blogger, consultant, coach, trainer and practitioner in the fields of software development, technology consulting, tax and estate planning, life transformation and META-Health.

 

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Richard Dimingo
Richard Dimingo
Practice Manager Next Investments

Richard Dimingo is a multi-disciplined practitioner with more than twenty five years experience in the accounting, tax and management consulting field. He is a tax blogger, consultant, coach, trainer and practitioner in the fields of software development, technology consulting, tax and estate planning, life transformation and META-Health.

 

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