CALCULATION OF QUARTERLY INSTALMENT
COMPANIES/SELF-EMPLOYED PERSONS
This is guide to calculating your quarterly instalments for 2015.
| Example: | ||
| 2014 - Chargeable Profit | - | $ 1,000,000 |
| 2014 - tax on Chargeable Profit | - | $ 250,000 |
| 2015 - Estimated Quarterly Tax Payment | ||
| 250,000/4 = 62,500 | ||
| Estimated payment due per quarter | = | $ 62,500 |
NOTE: Where your 2015 Estimated Chargeable Profit is likely to exceed 2014 Chargeable Profit you are to accommodate the increased profit and avoid interest on short payments.
NB: Any short payment or non-payment of quarterly installment is also subject to interest a the rate of 20% per annum from the date the payment was due to the date of payment or April 30, 2015 whichever is earlier.