Zimra registers 21 643 new tax payers

Zimra registers 21 643 new tax payers

News, Tax
THE Zimbabwe Revenue Authority (Zimra) says a total of 21 643 enterprises were registered as new tax payers in the year 2020 as the Government’s efforts to widen revenue collection bear fruit.The tax authority managed to collect annual net revenue of ZW$181,96 billion against the target of ZW$171,9 billion last year, representing 5,85 percent above target.This result presented a real growth of 74,93 percent compared to 2019 collections after adjusting for inflation, said the tax authority.In a strategic performance summary report presented to stakeholders during the Zimra annual general meeting that was held virtually last Thursday, Acting Commissioner General, Mr Rameck Masaire, said widening the tax base was critical towards oiling national development.“The authority continued with its drive of broadening the tax base through new registrations. Active taxpayer education and…
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Zimra surpasses revenue target

Zimra surpasses revenue target

Tax
ZIMBABWE’S tax collector, Zimbabwe Revenue Authority (Zimra) says revenue collections for this year are expected to maintain a positive trajectory as the economic environment continues to recover from the devastating effects of the 2019 Cyclone Idai and a protracted drought. Zimra has managed to surpass the net revenue target for the first half of 2021 despite the disruptions caused by the COVID-19-induced lockdowns. In the first half of this year, net revenue amounted to $195,18 billion against a target of $180,45 billion, which is 8,16% above target. Going forward into the second half of 2021, the authority is “confident” of exceeding the remaining period’s targets which will ultimately lead to surpassing the 2021 annual net revenue target of $387,4 billion. Last year, Zimra collected net revenue of $181,96 billion, surpassing…
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ZIMRA recovers $296m in anti-corruption blitz

ZIMRA recovers $296m in anti-corruption blitz

News
The Zimbabwe Revenue Authority (ZIMRA) recovered $296 million under its anticorruption crusades last year, ZIMRA Acting Commissioner General Rameck Masaire has said.Mr Masaire said $38 million was recovered under the whistleblower category. He also said $3,8 million was paid to whistle blowers for the 98 cases reported by 67 individuals.ZIMRA is implementing inward and outward measures, Mr Masaire said, to plug revenue leakages and these included integrity management, anti-corruption crusades, whistle blower facility, anti-tax evasion and anti-smuggling measures.He told the revenue collector’s fourth annual general meeting (AGM) that: “The Authority is aggressively using Money Laundering and Proceeds of Crime Act to seize and attach properties acquired through fraudulent means.”The initiatives come as the authority has increased its focus and implementation of the five year strategy to 2023 which among other…
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Taxation of capital gains arising from disposal of specified assets

Taxation of capital gains arising from disposal of specified assets

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 or– Any marketable security or– Any right or title to property whether tangible or intangible that is registered or required to beregistered. With effect from 1 January 2017 the definition of specified assets now includes the following any right or title to tangible or intangible property registered or required to be registered in terms of– Mines and Minerals Act– Patents Act– Trade Marks Act– Industrial Designs Act– Copyright and Neighbouring Rights Act– Geographical Indications Act– Integrated Circuit Layout Designs ActWho is Liable to pay or remit Capital Gains Tax?– The Seller– A DepositaryNB: Where the capital gain is received in Zimbabwe dollars, the capital gains tax…
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