Provisional Registration
Provisional tax is not a separate tax but a tax planning strategy designed to spread tax liabilities throughout the assessment year, helping taxpayers avoid large lump-sum payments during the final assessment. Individuals are required to make at least two advance tax payments based on their estimated taxable income within the assessment period. Additionally, taxpayers have the option to make an extra voluntary payment after the tax year ends but before receiving the official tax assessment, ensuring compliance and reducing any outstanding liabilities.
Any person who receives an income other than a salary is a provisional taxpayer. A provisional taxpayer is-
Excluded from being a provisional taxpayer as defined are any –
The first provisional tax payment – IRP6/1 – must be made within six months of the start of the year of assessment for 31 August or six months after the approved financial year-end date.
The second payment – IRP6/2 – must be made no later than the last working day of the year of assessment ending 28/29 February.
The third payment is voluntary and may be made –
