Provisional Tax Return
Provisional Tax Return.
What it is. How its payable?
The Provisional Tax for Return is paying your income tax in advance to avoid incurring a large debt on your income tax due. The document for submission is the yellow document (Here in Namibia) 6-0/0132.
Definition of terms:
Estimated Taxable Income: All your income minus the business related expenses incurred in earning that income. Minus all donations, exempt income and funds.
Less Employees Tax: Total of all PAYE - Pay As You Earn contributed to your employees.
The duration (period) that NamRa usually ask for, for Provisional Tax Return is for 6 months.
Provisional Tax for Return is for a person or business who receives income other than from a salary. Rent is a typical example.