Recently, the Zambia Revenue Authority (“ZRA”) released the due dates and associated penalties for the purposes of provisional income tax returns for the first quarter for the tax year 2022.
For the 2022 tax year, the following due dates and associated penalties apply:
Return submission and payment due dates:
The first quarter provisional income tax return for the 2022 tax charge year is due on 31 March 2022, and the provisional income tax payment is due on 10 April 2022.
Penalties:
-Late submission of the provisional income tax return attracts a penalty of ZMW600 per month or part thereof.
-Late payment of provisional tax will incur a late payment penalty of 5% per commenced month and late payment interest at 2% above the Bank of Zambia discount rate.
-The under-estimation penalty, payment of at least two-thirds of final corporate tax liability on provisional taxes is required. Failure to do so will result in an underestimation penalty of 25%.
