Corporate Tax / Income Tax Returns (ITF 12C) For Tax Year Ended 31st December 2022.
The Commissioner General of the Zimbabwe Revenue Authority (ZIMRA), advises all taxpayers, that the Income Tax Returns (ITF 12C), for the tax year ended 31st December 2022 are due as stated below:
- Large Clients – on or before 30 June 2023
- Medium Clients – on or before 30 June 2023
- Small Clients – on or before 31 May 2023
Who submits the Income Tax return (ITF12C).
Income tax is levied in terms of the Income Tax Act [Chapter 23:06]. Income tax is chargeable on trade and investment income. The following persons are subject to income tax.
- Corporates.
- Individuals in business.
- Sole-traders
- Partnerships
Any persons who make Income from Trade and Investments- All taxpayers that received or accrued income from trade and investments are on Self-Assessment in terms of section 37A of the Income Tax Act [Chapter 23:06]. These taxpayers are reminded that they should submit Income Tax Returns (ITF 12C), accompanied by the relevant financial statements.Nil returns must be submitted where there was no income received or accrued.
What are Dormant Companies?
These are companies registered with ZIMRA but has not carried on any trade or business for the whole of the year of assessment. Dormant companies that are registered for tax should submit Nil returns on or before the 30th June 2023.
Taxpayers with approved Accounting Years?
Taxpayers with approved accounting years other than 31 December should engage their Regional Managers for arrangements to submit income tax returns on specific dates other than within four months after the end of their accounting year.
Submission of Income Tax Returns.
Taxpayers with a combination of income in forex and in local currency should submit two separate income tax returns. Reference should be made to Finance Act No 8 and No 2(10) of 2022 concerning apportionment of expenditure and exchange rates to be used for any conversions that may be necessary.
