Every registered company and individuals who are required to prepare the audited account shall file to TRA a statement which shows the estimated tax payable in each year of income.

Forms

Used by entities: ITX 202.01.E ESTIMATES – Entity form

Statement of estimate/revised estimate of tax payable by instalment made on behalf of an entity.

Used by individuals: ITX 200.01.E Estimates – individuals

Statement of estimate/revised estimate of tax payable by instalment made by an individual

Due dates

The statement of estimated tax payable shall be submitted to TRA office either of the following dates depending on your accounting period:

i.              On or before 31^st March

ii.             On or before 30^th June

iii.            On or before 30^th September

iv.           On or before 31^st December

The payment of first instalment tax is due when the statements of estimated tax payable (provisional returns) are submitted, and then other instalments shall be paid on due dates above.

Late payment of tax: Shall be charged interest at the prevailing statutory rate at the time of imposition plus 5% per annum