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 ...
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 ...
Is the country ready for Migration to TARMS?
The Tax Administration Revenue Management System (TARMS) holds significant potential for enhancing tax administration in Zimbabwe. However, before we blow the trumpet, it is crucial to assess the domestic tax terrain and evaluate its readiness for migration. Master data, internet, infrastructure, etc are critical for its success. To start with the Commissioner of domestic Taxes, through a public n ...