DID YOU KNOW?

DID YOU KNOW?

Know your due dates to avoid unnecessary penalties, interest

Did you know that there have been changes to the due dates for the payment of Value Added Tax (VAT), Pay As You Earn (PAYE) and Income Tax as well as the submission of returns for the period ending 31st December 2009?

The following tax calendar for 2009 is meant to assist you, our valued clients, in paying your taxes and submitting your returns on time in order to avoid “unnecessary” penalties and interest.

Due Date Clients Affected Tax and Returns Due15 January 2009 Employers PAYE for December 200820 January 2009 VAT Registered Operators VAT for December 200815 February 2009 Employers PAYE for January 200915 February 2009 VAT Registered Operators VAT (mid-term tax)20 February 2009 VAT Registered Operators VAT for January 2009 3 March 2009 Employers PAYE for February 2009 5 March 2009 VAT Registered Operators VAT15 March 2009 VAT Registered Operators VAT (mid-term tax)25 March 2009 Persons in receipt of trade and investment income 1st QPD instalment (Provisional Tax: 10% of annual tax payable) 3 April 2009 Employers PAYE for March 2009 5 April 2009 VAT Registered Operators VAT15 April 2009 VAT Registered Operators VAT (mid-term tax)30 April 2009 Persons in receipt of trade and investment income and specified to be on Self Assessment Income Tax Self Assessment Returns 3 May 2009 Employers PAYE for April 2009 5 May 2009 VAT Registered Operators VAT15 May 2009 VAT Registered Operators VAT (mid-term tax)30 May 2009 Persons in receipt of trade and investment income and not yet on Self Assessment Income Tax Returns 3 June 2009 Employers PAYE for May 2009 5 June 2009 VAT Registered Operators VAT15 June 2009 VAT Registered Operators VAT (mid-term tax)25 June 2009 Persons in receipt of trade and investment income 2nd QPD instalment (Provisional tax: 25% of annual tax payable) 3 July 2009 Employers PAYE for June 2009 5 July 2009 VAT Registered Operators VAT15 July 2009 VAT Registered Operators VAT (mid-term tax) 3 August 2009 Employers PAYE for July 2009 5 August 2009 VAT Registered Operators VAT15 August 2009 VAT Registered Operators VAT (mid-term tax) 3 September 2009 Employers PAYE for August 2009 5 September 2009 VAT Registered Operators VAT15 September 2009 VAT Registered Operators VAT (mid-term tax)25 September 2009 Persons in receipt of trade and investment income 3rd QPD instalment (Provisional Tax: 30% of annual tax payable) 3 October 2009 Employers PAYE for September 2009 5 October 2009 VAT Registered Operators VAT15 October 2009 VAT Registered Operators VAT (mid-term tax) 3 November 2009 Employers PAYE for October 2009 5 November 2009 VAT Registered Operators VAT15 November 2009 VAT Registered Operators VAT (mid-term tax) 3 December 2009 Employers PAYE for November 2009 5 December 2009 VAT Registered Operators VAT15 December 2009 VAT Registered Operators VAT (mid-term tax)20 December 2009 Persons in receipt of trade and investment income 4th QPD instalment (Provisional Tax: 35% of annual tax payable)

Kindly note that tax legislation provides for the levying of penalties and interest for failure to declare or remit taxes, or failure to submit tax returns within the prescribed time frames. Penalties are chargeable in most cases up to a maximum of 100% of the tax due and interest is chargeable at 5% above the applicable LIBOR rate (London Inter-Bank Offered Rate). Our clients are thus encouraged to comply with these requirements to avoid incurring interest and penalty charges.

For more details, kindly contact your nearest Zimra Office or our Legal and Corporate Services Division. Their contact details are as given below:

Zimbabwe Revenue AuthorityLegal and Corporate Services Division6th Floor ZB CentreCnr First Street/Kwame Nkrumah AvenueP O Box 4360HarareTel: 04 – 790811-4Fax: 04 – 774087E-Mail: pr@zimra.co.zw