The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (RBZ) recommended that the government removes IMTT on transactions that are intermediated through plastic bank cards and other digital platforms. The recommendation was part of resolutions of the MPC meeting held on the 23rd of October 2023. Prior to the MPCs meeting, another organ of the country, the Confederation of Zimbabwe Ind ...
Employees Tax- Pay As You Earn
The end of the month is approaching, which is a joyous time for a number. It is at this point that you hear employees calling their employers names since their net- pay would not be matching with the gross income specified in their contracts. PAYE and NSSA are the main causes, and some have referred to them as the devils of their era. Allow me to walk you through the Pay As You Earn system for emp ...
VAT dilemma of construction projects
The construction industry plays a crucial role in the development of any economy. With Zimbabwe’s economic development agenda being premised on 14 pillars under the National Development Strategy, infrastructure development is said to be central to the achievement of the country’s economic goals. In pursuance of the same, the government set aside money for the sector in the 2023 national budget. Th ...
ZiG: Transforming Zimbabwe’s Payment Landscape through Gold-Backed Innovation
On October 5th, 2023, Zimbabwe witnessed a significant shift in its domestic payment landscape with the introduction of Zimbabwe Gold (ZiG), a novel means of payment backed by physical gold. We focus on the implications and motivations behind this policy change, exploring the potential impact on financial stability, risk mitigation, and the broader transition towards digital payment methods.The in ...
The safety of our information in the hands of the Revenue Authority
Taxpayers are required by law to give sensitive information of their businesses to Revenue authorities, such as their income, expenditures, and business operations. Tax returns, assessments, and other correspondents or documents that a tax authority may seek from time to time may be used to supply the information. Section 34F of the Revenue Authority Act (Chapter 23:11) also grants the Commissione ...
The safety of our information in the hands of the Revenue Authority.
Taxpayers are required by law to give sensitive information of their businesses to Revenue authorities, such as their income, expenditures, and business operations. Tax returns, assessments, and other correspondents or documents that a tax authority may seek from time to time may be used to supply the information. Section 34F of the Revenue Authority Act (Chapter 23:11) also grants the Commissione ...
Death and taxes
As the law surrounding taxation can be complex and often subject to interpretation, but what is clear is that death and taxes are inseparable. Even in times of mourning, taxes must be paid. Accordingly, there are tax implications of income and expenses received after the death of a loved one. The Income Tax Act provides guidance on this matter, stating that income received after death is generally ...
Death and taxes
As the law surrounding taxation can be complex and often subject to interpretation, but what is clear is that death and taxes are inseparable. Even in times of mourning, taxes must be paid. Accordingly, there are tax implications of income and expenses received after the death of a loved one. The Income Tax Act provides guidance on this matter, stating that income received after death is generally ...
VAT dilemma of construction projects
The construction industry plays a crucial role in the development of any economy. With Zimbabwe’s economic development agenda being premised on 14 pillars under the National Development Strategy, infrastructure development is said to be central to the achievement of the country’s economic goals. In pursuance of the same, the government set aside money for the sector in the 2023 national budget. Th ...
ZIMRA rolling out a new system – TaRMS!!!
A new dawn beacons at the tax office of the country, ZIMRA. The Tax and Revenue Management System (TaRMS) will go live on the 12th of October 2023. A business re-engineering process committed at simplifying corporate operations for taxpayers’ benefit. Tax revenues are central to Zimbabwe's national development and the attainment of the country’s vision of being a middle-income economy by 2030. As ...