Misfort-Tax-Consultancy Uncategorized 0
Section 165 of the Companies and Other Business Entities Act (Chapter 24:31) or “the Act” read together with the Fourth Schedule to the Act Deal with compliance by submission of Annual Returns. It says that every company shall make and file with the Registrar an annual return consisting of a summary, in the form contained […]
Misfort-Tax-Consultancy Uncategorized 0
What is a company according to the New Act? Before defining a company, it is important for one to know that for the purposes of the new Act banking institutions are no longer governed by the Companies Act, being specifically excluded in the definition section. Section 4 of the New Act is exclusionary to the […]
Misfort-Tax-Consultancy Uncategorized 0
A tax invoice is a document which is prescribed in the VAT Act (Section 20). A registered operator making a taxable supply is required to provide the recipient with a tax invoice within thirty days of the supply being made. A tax invoice is a basis for registered operators to claim Input Tax Credit. Only […]
Misfort-Tax-Consultancy Uncategorized 0
The new act Companies and other Business Entities Act [Chapter 24.31] (C&OBE) came into operation on the 13th of February 2020 repealing the Companies Act [Chapter 24.03] of 1952 and Private Business Corporations Act [Chapter 24.11] of 1993. The Act came along with two Statutory Instruments (SI) that is SI 46 of 2020 and SI […]
Misfort-Tax-Consultancy Uncategorized 0
WHAT IS TAX COMPLIANCE? An illustrious catchphrase which says that, there only two things are certain in life, one of them being taxes. This is quite true given the volatility and complexity of Zimbabwean tax legislation. Even the complexities that is involved in making sure that tax returns are up to scratch is causing people […]
Misfort-Tax-Consultancy Uncategorized 0
This article attempts to answer several critical questions on the practical application of the 10% withholding tax on contracts for the supply of goods or services. With the negative impact this tax has on business, it is essential that we have a close look at it to avoid some common pitfalls in its administration. Failure […]
Misfort-Tax-Consultancy Uncategorized 0
In this Covid 19 period, the government of Zimbabwe has not introduced any tax relief measures than already is in the 2020 budget. The budget is already constraint due to a paraphernalia of issues which demand the revenue collected. Hence the article will highlight some of the tax relief measure that were effected beginning January […]
Misfort-Tax-Consultancy Uncategorized 0
Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce income. Tax deductions are a form of tax incentives, along with exemptions and credits. Deductions are typically expenses that the taxpayer incurs during the year that can be applied against […]
Misfort-Tax-Consultancy Uncategorized 0
The importance of a Lease Agreement with regards to taxation. More often when Zimra is conducting audits, they request this document where the Registered Operator does not own the place of operation. This shows that this is not a mere document in the eyes of the tax man but a source of vital information during […]
Misfort-Tax-Consultancy Uncategorized 0
• The definition of remuneration contained in the 13th Schedule of the Income Tax Act includes amounts such as salary, leave pay, allowances, wages, overtime pay, bonus, commission, fees and benefits. Fees payable to or earned by the director are considered part of remuneration and therefore subject to employees’ tax if paid to a director […]