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Question Of The Day

Question

How do you calculate amounts paid on Quarterly Payment Dates? (QPD)

Answer

For the purpose of calculating the Provisional Tax for each Quarterly Payment Date (QPD), clients are required to estimate the annual tax due and calculate the respective percentage of tax to be paid for each quarter.  Currently the percentages are:

10%          due 25th  March

25%          due 25th  June

30%          due    25th   September

35%          due   20th  December

For example the actual amount due at the quarter must be arrived at after deducting the QPDs already paid from the amount due e.g. say at a 25 June of the year the estimated taxable income is = $2 375 000

Estimated tax payable = ($2 375 000 X 25.75%) = $611 562.50

QPDs due as at 25 June = {35% (10% +25%) of $ 611 562.50} = $214 046.88

The remittance form for Provisional Tax payments –is form ITF 12B which must be completed in respect of each QPD payment.

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