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FOURTH QPD FOR YEAR 2022

The fourth and final quarter’s provisional income tax  (QPD) for the year is due for payment  on or before 20 December 2022. This instalment (payable in the currency of trade) is calculated at thirty five percent of the projected annual income tax on income from trade and investments.

While taxpayers can calculate the taxable income for each quarter and project the annual income tax, it is advisable to compute the tax using the year to date taxable profit rather than results for the respective quarter. This ensures that revenue and expenses fluctuations are factored into the annual projection.

Under this recommended method, the quarterly provisional income tax is calculated by applying the respective cumulative percentage (as shown below) and deducting the provisional income tax already paid.

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Income tax for the year is expected to be fully paid by December. If not, interest is charged on underpaid QPDs. The returns (ITF12Bs) for provisional tax payments for the quarter must be submitted to the taxation authority on the said date.

Richard Dimingo
PRACTICE MANAGER , NEXT INVESTMENTS
Richard Dimingo

Richard Dimingo is the Practice Manager at Next Investments, with over twenty-nine years of experience in accounting, tax and management consulting. As a multi-disciplined practitioner, Richard has an extensive background that includes roles as a software applications developer, estate planning consultant, systems accountant and transformation life coach. He holds more than thirty certifications in the personal development field.

Richard is a licensed tax agent registered with the Zimbabwe Revenue Authority and a registered tax accountant authorized to practice by the Public Accountants and Auditors Board (PAAB) Zimbabwe.

He is also the developer of .NEXT, a groundbreaking technology designed for business and personal transformation. This innovative technology uncovers, analyzes, and resolves underlying unhelpful subconscious mind programming that stifle business innovation, inhibit personal growth, and contribute to ill-health and unhealthy relationship dynamics.

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Richard Dimingo
Richard Dimingo
PRACTICE MANAGER , NEXT INVESTMENTS

Richard Dimingo is the Practice Manager at Next Investments, with over twenty-nine years of experience in accounting, tax and management consulting. As a multi-disciplined practitioner, Richard has an extensive background that includes roles as a software applications developer, estate planning consultant, systems accountant and transformation life coach. He holds more than thirty certifications in the personal development field.

Richard is a licensed tax agent registered with the Zimbabwe Revenue Authority and a registered tax accountant authorized to practice by the Public Accountants and Auditors Board (PAAB) Zimbabwe.

He is also the developer of .NEXT, a groundbreaking technology designed for business and personal transformation. This innovative technology uncovers, analyzes, and resolves underlying unhelpful subconscious mind programming that stifle business innovation, inhibit personal growth, and contribute to ill-health and unhealthy relationship dynamics.

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