The third instalment of provisional income tax (QPD) for the year is due on Sunday 25 September 2022. The instalment (payable in the currency of trade) is calculated at the rate of thirty percent of the projected annual income tax from trade and investments.
Projected annual taxable income must be calculated from year to date profit instead of the respective quarterly results. That way, revenue and expenses trends are taken into account.
The QPD amount must be calculated using the cumulative quarterly rate and deducting the provisional tax already paid.
Quarterly and cumulative percentages for 2022 are set out below.
Income tax for the year is expected to be fully paid by December. If not, interest is charged on underpaid QPDs at the rate of twenty five percent per month or part thereof.
A remittance form (ITF12B) for provisional tax payment for the quarter must be submitted to the taxation authority on the said date.