Cathima Investments

16/08/2024

16/01/2024

Even us at Cathima Investments Inc, we are not immune to tax compliance. Take the lead to be tax compliant and avoid 30% Withholding Tax deduction from your invoices. ⛑️

13/06/2023

18/05/2023

Public Notice 28 of 2023 Business Partner Master Data Update

20/04/2023

Fiscal Tax Invoice

Value Added Tax (VAT) registered suppliers and operators, making a taxable supply to a recipient, must provide that recipient within 30 days from the date of supply, a fiscal tax invoice?

What is a fiscal tax invoice?
A Fiscal Tax Invoice is a tax invoice printed from a fiscal device used by a VAT registered operator with the words ‘Fiscal Tax Invoice’ being on a prominent place, bearing all required features as detailed in Section 20 of the VAT Act.

What are the conditions of issuing a fiscal tax invoice?
• Not more than 1 fiscal tax invoice shall be issued for each taxable supply;
• Where the original fiscal tax invoice has been lost, replaced or reprinted, , the copy of the Fiscal Tax Invoice should be clearly marked “copy” on it.

What are the features of a fiscal tax invoice?
The fiscal Tax Invoice must contain the following features as required by Section 20 of the VAT Act as read with paragraph 23 of Finance Act number 7 of 2021:
• The word “Fiscal Tax Invoice” in a prominent place
• The name, address, VAT and Business Partner registration number of the supplier;
• The name and address of the recipient and,
• If the recipient is a registered operator, the VAT and Business Partner registration number of the recipient is required;
• An individual serialised number and the date upon which the fiscal tax invoice is issued;
• A description of the goods or services supplied;
• The quantity or volume of the goods or services supplied;
• The currency used in the transaction
• Either-
i. the value of the supply, the amount of tax charged and the consideration for the supply; or
ii. Where the amount of tax charged is calculated by applying the tax fraction to the consideration, the consideration for the supply and either the amount of the tax charged, or a statement that it includes a charge in respect of the tax and the rate at which the tax was charged.

What are the requirements of claiming VAT Input Tax?
With effect from 1 January 2022 VAT registered operators can only claim input tax on valid Fiscal Tax Invoices printed from a fiscal device with words ‘Fiscal Tax Invoice’ in a prominent place and other features as highlighted above. For the input tax to be allowed as a deduction, a fiscal tax invoice has to be held by a registered operator within the period a return is required to be furnished or 12 months whichever is the longer period.

What are the requirements of claiming expenditure for Income tax purposes on supplies subject to VAT?

With effect from year of assessment beginning 1 January 2023, only a fiscal tax invoice shall be submitted as proof of any expenditure qualifying as deduction for supply of goods or services subject to VAT.
My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority (ZIMRA) for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.

https://www.zimra.co.zw/news/2240-fiscal-tax-invoice

14/04/2023

TAXMAN'S CORNER: E-TAXES ONLINE PLATFORM

In an effort to reduce the compliance costs associated with submission of returns and as a mitigating measure against technical challenges being faced by taxpayers, especially with the E-Services online filing platform, the Authority has launched another online filing platform called E- Taxes. E-Taxes is similar to E-services but with minor differences on the registrations process and functions.

What are the functions of E-Taxes?
• Submission of Returns
• Viewing Returns Submitted
• Viewing Compliance Status

What is the registration process for E-Taxes?
• Go to any browser and type the following URL to access the e-Taxes system https://etaxes.zimra.co.zw
• Click on the Sign Up link – at the bottom right corner of the page.
• On the pages that comes up, click the drop down menu/arrow and select” I have a BP number”. The assumption is that you already have a BP number. Write you BP number, starting with a zero and write the email address that is registered with ZIMRA. Click submit.
• Another page comes up which requests information for your profile, like first name, surname, phone number and password. Click Submit.
• Once the details are submitted, an email to activate your account is sent to the email address used to register.
• Log into your email and click on the activation link sent from Customer Services to activate the account. Please note that the activation link expires within the timeframe mentioned in your email.
• After clicking the activation link, a pop up screen comes up which indicates whether or not the activation was successful. Click on “Go to Login Page” link to access the login page. Log into E-Taxes using BP number and email address used to register for E-Taxes.

Please note that the entire sign up process is a once-off process. Once the process is completed, every other time you will just login and use the system to make your submissions. Moreover, even if the taxpayer has both the ZWL BP and the FOREX BP, registration for E-Taxes is done once with one BP (ZWL BP) and the same E-Taxes account registered can be used to file returns for both BPs. The taxpayer just has to pick the currency that relates to the type of BP for which the return is being submitted.

How do you submit returns on E-Taxes?
• Click on the tab or link labelled Submit Tax Returns and select the appropriate tax head for which you need to make a submission.
• Select and click on the tax head for which you intend to make a submission for.
• Drop down on currency and pick currency that relates to/is appropriate depending on the BP for which the return is being submitted. Fill in the appropriate fields and complete the submission of the return by clicking the submit button. Once a notification that the submission was successful comes out, there is no need to re-submit the return again.

How do you view submitted returns?
• Click on the tab or link labelled Tax Submission History
• Select the return to be viewed
• Click view and the return captured is displayed.

How do you check compliance status (outstanding issues)?
Click on the tab or link labelled Tax Clearance Certificate and click on Tax Clearance icon to view the taxpayer’s status
Please note that one cannot apply for a Tax Clearance on the E-Taxes platform.

My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority (ZIMRA) for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.

https://www.zimra.co.zw/news/22-taxmans-corner/2239-e-taxes-online-platform-2

10/01/2023

PUBLIC NOTICE:
CHANGE OF VALUE ADDED TAX RATE FROM 14.5% TO 15%

Following the promulgation of Finance Act Number 2 of 2022, the Finance Minister directed that Value Added Tax rate be adjusted from be adjusted from 14.5% to 15%, with effect from 1 January 2023.
https://www.zimra.co.zw/public-notices?download=2851:public-notice-2-of-2023-change-of-value-added-tax-rate-from-14-5-to-15

10/01/2023

RTGS PAY AS YOU EARN ( PAYE) TABLES FOR JANUARY TO DECEMBER 2023

https://www.zimra.co.zw/domestic-taxes/tax-tables?download=2848:2023-tax-tables-rtgs-january-december

09/01/2023

01/10/2022

Tax evasion retards economic and social development. Pay your tax dues on time every time to and be part of the progressive force that is stimulating development across the country

15/09/2022