Our valued clients are hereby reminded that as communicated in the Commissioner General’s Public Notice No. 10 of 2013, the Statutory Instrument 97 of 2013 on Revenue Authority (Civil Penalty for Late Submission of Returns) Regulations, 2013 came into effect on 28 June 2013.  Penalties are being levied for any previous returns that remain outstanding after 28 June 2013 and any returns not submitted by the due date thereafter.

PENALTY CHARGEABLE

The penalty, which is with effect from 28 June 2013, is being  levied at not more than thirty United States dollars(US$30) for each day the return remains outstanding up to the 181st day from the first day when such return became due.

The table below shows how the penalty shall be applied:

Days Delayed

Remission

Penalty Chargeable

Penalty Calculation in US $

Penalty amount in US$

0 to 10 days

100%

0%     (written warning)

$30x 10 days x 0%

$0

11 to 20 days

75%

25%

$30 x 20days x 25%

$150.00

21 to 30 days

50%

50%

$30 x 30days x 50%

$450.00

31 to 60 days

25%

75%

$30 x 60 days x 75%

$1,350.00

61 to 181 days

0%

100%

$30 x 181 days x 100%

$5,430.00

 

 

 

 

Where a return remains outstanding after 181 days, prosecution may be instituted in addition to the payment of any penalty levied.

SPECIFIED RETURNS FOR WHICH THE STATUTORY INSTRUMENT APPLIES

These provisions apply to returns required in terms of the following Tax Administration Acts:

  • Ø The Income Tax Act [Chapter 23:06]
  • Ø The Capital Gains Tax Act [Chapter 23:01]
  • Ø The Value Added Tax Act [Chapter 23:12]

The table below specifies the required returns.

Return

Name of Return

ITF 1

Return of Income : Individual from Employment

ITF 1A

Return of Income : Individual from Trade

ITF 12

Return of Income :Company

ITF 12C

Self-Assessment: Individual and Company

ITF 16

Reconciliation of payroll details (Pay As You Earn)

REV 5

Return for the remittance of Withholding Taxes

REV 5A

Return for the remittance of Presumptive Taxes

CGT 1

Return for Capital Gains Tax

VAT 7

Return for the Remittance of Value Added Tax

Our valued clients are also hereby reminded to pay taxes due on prescribed dates to avoid unnecessary penalties and interest chargeable for failure to comply.