Why this matters
Companies pay corporate tax in four instalments: 10%, 25%, 30% and 35% — on 25 March, 25 June, 25 September and 20 December. Miss one and interest starts. Guess the profit wrong and you either tie up cash or get a penalty. Neither is fun.
What to expect
1. Forecast profit each quarter
Before each date we take your latest numbers, project the full year, and work out what tax is due so far.
2. Estimate, pay, file
We prepare the return, send it to you to approve, and file with ZIMRA. You get a reminder 10 days out, again 3 days out, and confirmation once paid.
3. Year-end return (ITF 12C)
After year-end we do the full tax calculation — allowable costs, capital allowances, past losses — and file the ITF 12C by 30 April.
What you provide
- Up-to-date management accounts
- Details of any assets you bought
- Any past losses you're carrying forward
Four times a year. Annual return by 30 April.
- Quarterly return (ITF 12B) and payment advice
- Yearly tax calculation and ITF 12C
- Tax-paid vs tax-owed reconciliation
Real example
He paid quarterly tax based on last year's profit. A big December contract fell through — he'd already paid USD 18,000 too much.
We rebased the forecast each quarter using real numbers. The following year the overpayment was under USD 500.
Jargon buster
- QPD
- Quarterly Payment Date — one of the four dates in the year when tax is due.
- ITF 12C
- The yearly tax return every company files with ZIMRA.