VOLUNTARY DISCLOSURE
Voluntary Disclosure The Zimbabwe Revenue Authority (ZIMRA) encourages taxpayers to review their tax affairs and make voluntary disclosures where there is any income omitted from returns submitted or where there are any tax obligations that the taxpayer may not have complied with. The intention is to encourage voluntary compliance from taxpayers and avoid charging of […]
Capital Gains Tax
1. What is Capital Gains Tax? Capital Gains Tax (CGT) is a tax levied on the capital gain arising from the disposal of a specified asset. Specified asset means immovable property (e.g. land and buildings) and any marketable security (e.g. debentures, shares, unit trusts, bonds and stock). With effect from 1 January 2017 the definition […]
Vacancy: Marketing Officer
A consulting firm is looking for a creative, passionate, and energetic marketing officer to become part of its growing team. The person will be the one to ensure that all marketing operations are successful in meeting the goals set by management. Candidate should have wide marketing experience in creating effective brand strategies and advertising campaigns, […]
TREATMENT OF PRINCIPAL AGENT RELATIONSHIP UNDER VAT ACT
Section 49 of the VAT Act A representative or agent should be registered if he is receiving monies on behalf of his principal which meet or exceed the registration threshold. The agent shall be liable for payment of any “tax, additional tax, penalty or interest chargeable under this Act in relation to such monies or […]
Fiscalisation
What is fiscalisation? Fiscalisation refers to configuring of fiscal devices to enable them to record sales and other tax information on the read only fiscal memory at the time of sale for use by the tax authorities in VAT administration. It was introduced in Zimbabwe on the 8th of June 2010 through statutory instrument 104 […]
Tax Credits Applicable to Individuals
Any individual earning income from employment, trade or investments which is taxable can claim tax credits which may reduce their chargeable tax. What is the purpose of tax credits? Credits are meant to reduce the tax payable and therefore increase disposable income for the taxpayer. Credits are designed for specific categories of taxpayers to address […]
Presumptive Tax
Presumptive tax is levied in accordance with the Twenty-Sixth Schedule to the Income Tax Act [Chapter 23:06]. It is charged based on the presumed income of those persons engaging in any of the trades, occupations or undertakings. Presumptive Tax was introduced to broaden the revenue base in view of the increase in informal business activities. […]
Tax Amnesty 2018
In an effort to encourage our valued clients to regularize their tax affairs, Government has, through the Finance Act No. 1 of 2018 published on 15 March 2018, made provisions for the granting of a tax amnesty to persons on application. Persons include companies, corporate or unincorporated body of persons and trusts. ustoms and Excise […]
Treatment of fringe benefits under the Income Tax Act and Value Added Tax Act
This article seeks to clarify this issue for the benefit of our valued clients. Some of the fringe benefits enjoyed by employees as part of remuneration are taxable under Employees Tax (PAYE) and Value Added Tax (VAT) legal provisions. The Income Tax Act (Chapter 23:06) states that every employer who pays or becomes liable to […]