What is workmen’s compensation? Workers’ compensation is a corporate form of insurance that provides wage replacement and medical benefits to employees who are injured at work. Workmen’s Compensation acts as a waiver for the employee’s right to sue his or her employer in the event of negligence.
Employer reconciliation refers to the submission of an accurate Employer Reconciliation Declaration (EMP501); Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable , a Tax Certificate Cancellation Declaration (EMP601).
Tax can be daunting and stressful, whether it’s personal tax or business tax. What is company tax you may ask? No, it is not the same as your personal tax. Where personal income tax refers to the normal tax that is paid on your own personal monthly income alongside your UIF payment, Corporate Income Tax.
WHAT IS PROVISIONAL TAX? Provisional tax is not an additional or separate tax. It ensures that the taxpayer does not have to pay large amounts all at once, as the tax due is spread over the relevant year of assessment. Even though the amount is spread over the year, it still requires taxpayers to pay.