S R AUDITORS

Statement of estimated tax payable

Every registered business (company and individuals) are required to prepare and 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 installment made on behalf of an entity.

Used by individuals: ITX 200.01.E Estimates – individuals

Statement of estimate/revised estimate of tax payable by installment 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:

  1. On or before 31st March
  2. On or before 30th June
  3. On or before 30th September
  4. On or before 31st December

The payment of first installment of the estimated tax is due when the statement(s) of estimated tax payable (provisional returns) are submitted. The remaining installments 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

Late submission of the returns shall be charged with a penalty for every month of delay in submission. Currently (Feb 2017) the penalty for every month of delay is TZS 225,000

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