Corporate registrations and tax advice services

Corporate registrations and tax advice services We do company registrations and tax advice to various business entities

13/03/2020

How to Register a Company in Zimbabwe

To get a company registered in Zimbabwe, you have to choose either one of the two options, to register it as a PBC or Pvt(Ltd)

PBC means Private Business Corporation which is meant to cater to small businesses. To register as a PBC you should have at least a single director. A PBC is ideal for single ownership.

Pvt(Ltd) means Private Limited Company meant to cater for medium to large business. To register a Pvt(Ltd), you should have between 2 to 50 shareholders and registering one will come with annual regulations and commitments to different financial bodies.

To register your company you should;

1. Have 1 to 5 preferred names for your company.

2. Choose whether your company will be a PBC or Pvt(Ltd)

3. Provide full names, addresses and ID's of the directors for a PBC or shareholders in a Pvt(Ltd).

4. Sign the incorporation statements that will be submitted at the registrar's office.

The whole process will take you only 3 - 5 working days

Contact us for assistance with getting your company registered in Zimbabwe
*0774075003* @ Corporate registrations

*We give you results not reports*

13/03/2020

Tax Clearance Certificates Explained

An ITF 263 is a Tax Clearance Certificate. It is issued to clients who are fully paid up and whose Income Tax, Value Added Tax and PAYE returns are up to date.

What is the purpose of an ITF 263?

A valid tax clearance certificate will be issued to confirm that the client’s tax position is satisfactory and there is no need for the payer to withhold 10 % tax.

Obligations of Registered Taxpayers (Section 80 of the Income Tax Act [Chapter 23.06])

All registered business operators including Government, quasi-government and statutory corporations who enter into any contracts which result in an obligation to pay any amounts totaling or aggregating US $250.00 or more are required to withhold 10% of each amount payable to payees without a valid tax clearance certificate.

The payer’s obligations are as follows:

The amount deducted must be remitted to ZIMRA on or before the 10th day
The person from whom the amount has been withheld must be furnished with a certificate showing full details including the amount withheld.
The payer should retain a copy of the tax clearance certificate furnished by registered taxpayers.
The payer is liable for the amount that she /he has failed to withhold and is liable for a penalty equal to the amount that was withheld, that is 100% of the amount. Interest is also payable on the outstanding amount
Exceptions to the Requirement to Withhold

10% The following transactions present exceptions to the requirement to withhold 10% if no valid tax clearance certificate is presented;

amounts paid in terms of employment contracts
Sales effected in any shop in the ordinary course of the business of the shop and any other consumer contracts for the sale or supply of goods or services or both in which the seller or supplier is dealing in the course of business . This caters for sales by retailers or wholesalers to consumers.
Payments for the supply of farm produce and livestock to farmers are also exempt from the need for the amount to be withheld. There is therefore no need to ask for tax clearances in such cases.
N.B Payments for farm produce to persons who buy for resale such as traders, retailers and wholesalers are still subject to the withholding amount requirements.

Source: ZIMRA’s Legal and Corporate Services Division.

13/03/2020

Zimra's ITF 16

Every employer must Submit the ITF 16 return which contains details on annual earnings, deductions, credits and PAYE for each employee within 30 days after the end of the year. Failure to submit this return will result in Zimra applying penalties of $30 dollars per day as long as the penalty remain outstanding to a maximum of 180 Days.

13/03/2020

Annual Return of a Company - Registrar of Companies

Every Registered Company 18 Months from the date of incorporation and thereafter between 12 -15 months must submit an annual return to the Registrar of Companies for Examination and filing more to follow

13/03/2020

TF 12 C - Income Tax Self Assessment Return

Every Zimra Registered client who has the Value Added Tax head must submit an annual tax return to Zimbabwe Revenue Authority (ZIMRA). The Client should have done Financial Statements for the previous tax year usually ending at 31st December, The Return should be submitted on or before the 30th of April failure of Which Penalties apply at $30 per day in accordance with the SI 97/2013 (Civil Penalties for Late submission of Tax Returns

13/03/2020

Don't do things when they are needed but always make sure yr things are in order, the following can make you lose a tender or an order

1) non submission of tax certificate, ITF 263

2) Current updated list of Directors (Cr 14)

3) Corporate Bank Account

4) Vendor number if you want to supply Government Ministries or Department s

5) Registration with the tender board (SPB) if you want to supply parastatals and some quasi Government Institutions

Get in touch with us should you need more infor about these and more

Kindly share on yr wall for the benefit of yr friends

13/03/2020

Paying Tax

Every Business whether operating as a sole trader, partnership, registered entity is compelled to comply with the country's taxation laws as follows

1) Income Tax - Compulsory to every Registered Operator (Except in the case of NGO's and some Trustees).

2) Paye As you Earn - is deducted from the employee and it is the responsibility of the employer to pay the deducted funds to the tax authorities.

2) Vat - Vat is paid by registered operators who collect the funds on behalf of the tax authority, Registered operators can claim input tax and vat charged at ports of entry

next time we will be looking at withholding tax and customs duty keep following

13/03/2020

14 days after employing a person, yr business, non profit making organization or sole proprietorship must register with Zimra for PAYE (Pay As You Earn) collection purpose

13/03/2020

Tax Clearance Certificate (ITF 263)

A Tax Clearance Certificate (ITF 263) is a certificate issued by the Commissioner General of the Zimbabwe Revenue Authority (ZIMRA) to a person liable to pay tax, provided that the taxpayer’s' tax position is satisfactory.

Benefits of having a Tax Clearance Certificate
• No 10% Withholding Tax is deducted when payments are made for goods and services supplied.
• No Presumptive Tax will be levied on importations.
• Tax clearance is required when bidding for tenders.
• A Tax Clearance Certificate is a per-requisite when applying for licences issued by local authorities.
• Business counterparts have confidence in doing business with compliant taxpayers

What is required to obtain a Tax Clearance Certificate?
• The client must furnish all statutory returns required to be submitted under all Acts administered by ZIMRA, or making satisfactory arrangements with ZIMRA for the furnishing of such returns.
• The client must have paid the taxes due in terms of all the Acts administered by ZIMRA.
• Clients with outstanding taxes, penalties and interest must make suitable arrangements, which are approved by ZIMRA.
• Value Added Tax (VAT) registered clients must have their systems interfaced with ZIMRA servers under the fiscalisation programme. However, tax clearance certificates may be availed to clients who have made noticeable efforts to get interfaced.

Who should apply for a Tax Clearance Certificate?
The Public Officer of the company, or an individual duly authorized in writing to represent the following:
• A company
• A sole trader
• An individual
• Trust
• School
• Partnership
• Church
• Cooperative
• Private Business Corporations(PBC)

13/03/2020

All companies to re-denominate share capital from USD to Zimbabwe Dollars, with immediate effect

13/03/2020

Registering a Company is not the end in itself, in fact its the first step towards another series of Registrations, many other Statutory Boards require company registration documents before they can assist

Address

Century Mall , Nelson Mandela And Julias Nyerere
Harare

Telephone

+263774075003

Website

Alerts

Be the first to know and let us send you an email when Corporate registrations and tax advice services posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Corporate registrations and tax advice services:

Shortcuts

Share

Category