Gleamside Investments Tax Consultancy services.

24/10/2022

20/09/2022

*UPCOMING RETURNS DUE DATES*

A). Be Advised that the August VAT7 Returns are becoming due on the 25th of September.

All Registered Operators are required to charge value added tax, it is levied on all taxable goods and services supplied.

B)Be Advised that 3rd QPD is due on the 25th of September at 30%

Clients are required to estimate the annual tax due and calculate the respective % to be paid for each quarter , they are done for the purposes of calculating provisional tax

Thank you
0778577842

06/09/2022

PRAZ Registration

Procurement regulatory authority of Zimbabwe, is responsible for controlling and regulating the procurement process of government departments and ministries and parastatals

Why registering for PRAZ

In order to be able to participate in public tenders and to supply the government and any agencies or institutions that the government controls, you need to be registered with PRAZ for the category of goods/services under which that tender falls.

Requirements for PRAZ

Incorporation statement for a PBC
Certificate of incorporation, Cr5& Cr6
Articles and Memo of Association for a PLC
Company profile
Contact details (email & telephone)

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05/09/2022

Gleamside consultancy Tax Services

05/09/2022

What is an Asset Register
It is a detailed list compiled of all business assets.

Purpose of an Asset Register

It enables the business to know the status,procument date,location,price,depreciation and and the current Value of Assets.

Benefits of Asset Register

Provide complete transparent of all asset data
Provide accurate audit trailer

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31/08/2022

Allowable Deductions Second 15 of ITA 23:06

These are expenses which are permitted by the commissioner to be subtracted from the income of a taxpayer, for the purposes of tax.

Examples of allowable deductions.

Pension contributions
Medical expenses
Costs of trademan's tools
Subscriptions to a professional,trade/technician associates
Credits

29/08/2022

Fiscalization

Is the use of fiscal device s to record the taxable transactions and other tax information on the read only fiscal memory at the time of sale.

Who should fiscalize

All value added tax registered operators are required to fiscalize and their fiscal devices should be linked to the Zimra server.The invoices produced by the supplier should be written "Fiscal Tax Invoice" and bear a zimra signature at its bottom.

Benefits for being fiscalized

After acquiring the device from an approved supplier.
A Vat registered operator can claim as an input tax 50% of the cost of acquiring the fiscal electronic register.
Less paperwork as transactions electronically go through the fiscal device
Better control and management of business as you can monitor all transactions which goes through the device.

26/08/2022

Monthly Returns Due Dates.

PAYE Returns due date
The due dates for remittance of PAYE is the 10th of the month following, and they should be accompaned by a P2 Forms.
They should be uploaded on the Zimra e-service portal

Nssa P4 return due date
The due date for remittance of Nssa returns is alike to that of PAYE, as they are submitted on the 10th of the following month and are submitted through the Nssa e-service portal.

Vat7 Return due date
Category A, this comprise of odd months like Dec-Jan and are submitted on the 25th of the month following

Category B, this has the bi-monthly Jan/Feb and are submitted on the 25th of the month following.

Category C, all registered operators in category c are required to submit VAT returns on a monthly basis

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Regards Gleamside
0778577842

26/08/2022

Submission of Returns

Monthly Returns

1.PAYE- P2 Returns
Every employer who pays or becomes liable to pay any amount by way of remuneration to any employee shall deduct that amount by way of employees' tax determined in accordance with the prescribed PAYE Tax Tables

2.NSSA -P4 Returns

Any employer who is registered with NSSA becomes liable to deduct 9% of employees' total remuneration and is determined by a maximum ceiling of $255 675. Only 4.5% is borne by employees of the pension benefit. The WCIF is calculated on the basic salary of employees and is entirely borne by the employer.

3.VAT7 Returns.

All VAT registered operators are mandated to account for output tax at applicable rate on all sales and deemed sales. They are required to submit Vat7 returns as per their designated Categories.

I thank you
Regards Gleamside
0778577842

26/08/2022

Tax Clearance Certificate(ITF263).

It enhances a business compliance profile as it deals with other businesses'.
It is issued to the taxpayer provided the taxpayer's tax position is satisfactory

Benefits of having a valid ITF263

No 30% Withholding Tax is deducted when payments are made for supplied goods and services
No presumptive tax will be levied on importations
ITF263 is needed when bidding for tenders.
It is a pre-requisite when applying for licences to continue running your business.
Other business counterparts will have confidence in doing business with compliant tax payers.

Requirements to obtain tax clearance certificate

You should be registered with Zimra interms of sec 32 of ITA
Be up to date with returns submissions
Must have paid taxes due

I urge you to be up to date with your Returns due ,and we are here to ensure that it happens.

Gleamside Enjoy your Tax Life, 0778577842, I thank you