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With just 60 days to go till the 2017 tax season, are you collecting the necessary paperwork now?
Tax season in Zimbabwe is the time period between January 1 and April 30 of each year in which individuals and companies traditionally prepare the previous year’s financial statements and reports in preparation for filing their annual tax returns. This four-month period is the time that people collect the necessary paperwork, including wage and earnings statements and prepare tax returns.
Though most taxpayers file by April 30, the tax season doesn’t drop off to no activity after due date. Taxpayers often file extensions, which generally expire later on after the deadline when approved by ZIMRA.
Employees Tax Due Date: 30 January 2017
Income Tax Due Date: 30 April 2017
It is better to collect the necessary paperwork when the transaction occurs to ensure you have the right paperwork and correct information. This is a brief checklist of what you will need when the tax season is upon you:
- Monthly payroll summaries for the year.
- 2016 Financial Statements
- Withholding tax certificates, if any tax was withheld from payments due to you during the year
- Proof of payment of QPDs (provisional tax)
- Capital allowances schedules
- Scrapping allowances/recoupment arising from disposal of assets.
- Any unexpired assessed loss from previous years.
- Any other relevant documents.
The main reason I have shared this information with you now is so that you don’t wait for the due date to file your returns. Do it as soon as tax season opens and have adequate resources allocated to your current and future tax obligations.
Reminder:
PAYE due date: 10 November 2016
VAT due date: 25 November 2016
For more information on tax season and any other tax information, contact your preferred tax advisor.
