22/09/2023
As miners you are advised to make voluntary disclosures where there is income omitted on tax returns submitted or where there are any tax obligations that the tax payer may not have compiled. In line with Public Notice 55/2023. Published on the 31st of August 2023 which reads
a. Any person who have constructed houses that costs USD100, 000 or more.
b. Any persons who have traded or are trading in gold or other minerals.
c. Luxury vehicle owners (vehicles worth USD150,000 or more)
d. Owners of private jets as well as lessors of private jets.
e. Middlemen or argents of goods, manufactured in Zimbabwe.
f. Transport operators and tax operators.
g. Any persons or Companies who have constructed buildings with a value of USD 100, 000 or more.
*TAX TYPES*
In carrying out business or trade persons may have generated, accrued or received income and the following taxes are bound to apply;
a. Value added tax – tax on goods and services supplied where the seller met registration threshold
b. Income statement- tax on income received or accrued from sales of goods or services.
c. Capital gains tax – tax on disposal of immovable property, marketable securities and intangibles.
d. PAYE – tax on income earned by employees. Employers are required to deduct tax and remit to ZIMRA.
*REQUIREMENTS TO VOLUNTARY DISCLOSURE*
Tax payers should;
a. Provide schedules detailing outstanding taxes.
b. Complete outstanding returns
c. Pay tax due or engage ZIMRA for arrangements to pay the tax due.
*NB: INTREST: shall be charged to the extent provided in the law.*
The commissioner shall give due considerations to penalties liable where full and complete declarations are made.
The submission of a true and full voluntary disclosure shall not trigger an audit.
As CheeTee we encourage all business to be compliant hence visit our offices for assistant to comply that is;
*CheeTee consults, Old Mutual Centre, suite 411, 4th floor, CNR J Moyo & 8th AVE, Bulawayo*
*Contact: 0774549568, 0785763520, 0782347523*
