The Commissioner General of the Zimbabwe Revenue Authority (ZIMRA) has given notice to all registered taxpayers that they are required to submit their income tax returns for the year of assessment ended 31 December 2022.
Public Notice Number 15 of 2023 declared that the following registered taxpayers are required to submit their income tax retuns as follows;
- Individuals, companies and trusts in receipt of income from trade and investments must submit their income tax self assessment return (form ITF12C) together with the supporting financial statements by 31 May 2023 (small clients), 30 June 2023 ( medium sized clients) and 30 June 2023 ( large clients).
- Taxpayers whose approved accounting years are not 31 December are required to submit the income tax return on the dates set by ZIMRA.
- All registered taxpayers who were dormant during the 2022 tax year are also required to submit nil income tax returns. Dormant companies that are not registered for tax are required to register and submit nil returns by the said dates.
- Taxpayers whose income from trade and investment is a combination of both local and foreign currency should submit two separate income tax returns. The Finance Acts No 8 and No 2 of 2022 clarify the basis of apportionment of deductible expenditure and exchange rates to be used.
There you have it; Public notice number 15 of 2023 has set out the due dates for submission of the income tax returns in terms of the law. It has also advised taxpayers on the use of the quarterly average auction exchange rate to be used on the calculation of the 2023 provisional income tax (QPDs).
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Richard Dimingo is the Practice Manager at Next Investments and has more than twenty nine years experience in accounting, tax and management consulting. He is a multi-disciplined practitioner with extensive experience as software applications developer, estate planning consultant, tax advisor, AI content reviewer and prompt engineer, NLP practitioner and life coach.
He is the developer of .NEXT a technology for breakthrough business and personal transformation. The technology uncovers, analyzes and resolves the underlying unhelpful subconscious mind programming that stifles business innovation, inhibits personal growth, causes ill-health and unhealthy relationship dynamics.
Richard Dimingo is the Practice Manager at Next Investments and has more than twenty nine years experience in accounting, tax and management consulting. He is a multi-disciplined practitioner with extensive experience as software applications developer, estate planning consultant, tax advisor, AI content reviewer and prompt engineer, NLP practitioner and life coach.
He is the developer of .NEXT a technology for breakthrough business and personal transformation. The technology uncovers, analyzes and resolves the underlying unhelpful subconscious mind programming that stifles business innovation, inhibits personal growth, causes ill-health and unhealthy relationship dynamics.
