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SI 127 ghost still haunting economy

SI 127 ghost still haunting economy

Tax
After passing Statutory Instrument (SI) 127 of 2021 on the 26th of May 2021, the Zimbabwean government made a quick summersault on the new regulations through a press statement issued by the Reserve Bank of Zimbabwe (RBZ) on the 15th of June 2021. Key provisions contained in SI 127 include measures that prohibit businesses from selling goods and services or quoting them at an exchange rate above the ruling auction market rate, issuing buyers with a Zimbabwean Dollar receipt for payment received in foreign currency, giving buyers a discount for paying in foreign currency and setting out penalties for businesses that refuse to accept payment in the Zimbabwean Dollar at the ruling auction market rate. The central bank press statement (though vague in terms of addressing the above provisions of…
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Capital Gains Objections by Taxpayers

Capital Gains Objections by Taxpayers

Tax
THE Zimbabwe Revenue Authority (ZIMRA) advises all taxpayers that all dissatisfied taxpayers have the right to object to assessments and certain decisions issued by the Commissioner in terms of Section 25 (1) to the Capital Gains Tax Act Chapter 23:01. Rights of Taxpayers All taxpayers not satisfied with an assessment or decision of the Commissioner have a right to object to assessments or decisions issued by the Commissioner.Taxpayers who are not satisfied by the decision of the Commissioner to an objection have the right to appeal against the decision to Courts.Taxpayers are entitled to a fair and just decision process.Taxpayers have a right to explain and provide information in support of their grounds of objection.Taxpayers have a right to appoint representatives to present their grounds of objection.Taxpayers have a right…
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PUBLIC NOTICE: SUBMISSION OF INCOME TAX RETURNS (ITF 12C, ITF12C2, ITF1, CGT1) FOR TAX YEAR ENDED 31ST DECEMBER 2020

PUBLIC NOTICE: SUBMISSION OF INCOME TAX RETURNS (ITF 12C, ITF12C2, ITF1, CGT1) FOR TAX YEAR ENDED 31ST DECEMBER 2020

News, Tax
The Commissioner General of the Zimbabwe Revenue Authority (ZIMRA), hereby reminds taxpayers that they are required to submit Income Tax Returns and Capital Gains Tax Returns for the tax year ended 31st December 2020 as stated in Public Notice Number 26 of 2021 issued on 26 March 2021. Extension of due date for submission of Income Tax ReturnsConsidering the impact of the lockdown period from January to March 2021 and as a way of decongesting return submissions, the Commissioner hereby notifies all valued taxpayers of the change in due dates as stated below: a) 30th June 2021 for all taxpayers reporting to Small Clients Office (Harare), Region2 and Region 3.b) 31st July 2021 for all taxpayers reporting to Medium Clients Office (Harare).c) 31st August 2021 for all taxpayers reporting to…
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Payment of Pay As You Earn (PAYE) in foreign and local currency

Payment of Pay As You Earn (PAYE) in foreign and local currency

Tax
Zimra advises its valued clients that Section 4A of the Finance Act (Chapter 23:04) states that a person whose taxable income from employment is earned in whole or in part in a foreign currency shall pay tax in the same or another specified foreign currency on so much of that income as is earned, received or accrued in that currency. In line with these provisions, clients are hereby reminded that where remuneration is paid in foreign currency, the PAYE arising from this income should be in foreign currency. What is Remuneration Remuneration means any amount of income which is paid or payable to any person by way of any salary, leave pay, allowance, wage, overtime pay, bonus, gratuity, commission, fee, emolument, pension, superannuation allowance, retiring allowance, stipend or commutation of…
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