The QPD Wizard

The QPD Wizard was specifically designed by Creative Solutions to simplify the Process of completing provisional Tax Returns.

As you may recall from the 2005 Budget announced by the Minister of Finance, section 72 of the Income Tax Act was amended with the objective of making the tax payment system current.  The revised section 72 obliges everyone whose taxable income is not subject to pay PAYE to pay provisional tax in quarterly installments over the year of assessment in which the income accrued.

 

The fixed quarterly payment dates for the provisional tax are 25th March, 25th June, 25th September and 20th December, except where the Commissioner General has agreed to different dates with particular taxpayers.

 

An income tax return in the form of ITF12 B has to be completed for each quarter irrespective of whether there is any tax payable or not.

 

In the current hyperinflationary conditions obtaining in Zimbabwe it is highly unlikely that the annual estimated Tax payable as at 25 March would remain the same as at 25 September. In almost all cases adjustments have to be made to compensate for over or under adjustments in earlier quarters. Failure to make those adjustments normally culminates in hefty penalties from Zimra.

 

The QPD Wizard simplifies the chore of preparing the Provisional Tax return and making the quarterly remittances. Some of the key features include:

  • Enables the printing of the return straight from your computer
  • Calculates the Tax payable per quarter based on your estimated profits
  • Makes adjustments to tax payable in line with changes to estimated profits
  • Keeps a permanent and secure record of all returns and remittances made