SUBMISSION OF 2020 TAX RETURNS

The Zimbabwe Revenue Authority (ZIMRA) has announced the due date for submission of tax returns for the year ended 31 December 2020.

In Public Notice Number 26 of 2021, ZIMRA announced that the following registered taxpayers are required to submit their tax returns by 30 April 2021:-

  • Individuals, companies and trusts in receipt of income from trade and investments must submit the income tax self assessment return (form ITF12C) together with the supporting financial statements.
  • Every person, whose employer implemented the Final Deduction System but, changed employers, started or terminated employment during the year, received a pension or worked part time in addition to full time employment, must submit the income tax return (form ITF1) together with the supporting form P6s.
  • Individuals, companies or trusts who disposed of specified assets including marketable securities and did not submit the capital gains tax return in 2020 must submit the capital gains tax return (form CGTI).
  • Taxpayers whose approved accounting years are not 31 December are required to submit the income tax return on the dates set by ZIMRA. These are usually no later than four months after the end of their accounting periods.

The notice goes on to clarify that registered taxpayers who were dormant during the year 2020 are also required to submit nil returns by the due date. Unregistered dormant companies are urged to register and submit the nil returns. Requests for extension must be lodged to ZIMRA before 30 April 2021 else submissions after due date will attract civil penalties.

It should be noted that persons who received income solely from employment and paid employment tax (PAYE) according to the Final Deduction System and were employed by the same employer throughout the year are NOT required to submit income tax returns.

There you have it; Public notice number 26 of 2021 has set the due dates for submission of tax returns as required by the law. Owing to national lock-downs of yesteryear and beginning of this year, yours truly expected that the Zimbabwe Revenue Authority would grant an automatic extension to all taxpayers. However, the taxman reckons that it is not necessary this time around.

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