Zimbabwe Revenue Authority - ZIMRA

Zimbabwe Revenue Authority - ZIMRA The Zimbabwe Revenue Authority, derives its mandate from the Revenue Authority Act [Chapter 23:11] and other subsidiary legislation, is responsible for assessing, collecting and accounting for revenue on behalf of the State through the Ministry of Finance
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Operating as usual

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29/07/2021

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28/07/2021
27/07/2021
www.zimra.co.zw

PUBLIC NOTICE
RETURNS AND PAYMENT OF VAT FOR CLIENTS IN VAT CATEGORIES B AND C
DUE DATE 25 JULY 2021

The Zimbabwe Revenue Authority (ZIMRA) reminds VAT registered operators in Categories B and C that returns and payments for the month of June 2021 are due on the 25th of July 2021.

SUBMISSION OF VAT RETURNS
Registered operators are urged to take note of the following issues:
• VAT returns should be completed in full and submitted online, through the ZIMRA e-services platform (http://www.efiling.zimra.co.zw)
• Input Tax schedules should be attached to all the VAT returns
• Value Added Withholding Tax Certificates Schedules should be attached to VAT Returns in support of the credit for VAT withheld by appointed Agents

FOREX PAYMENTS
All VAT registered operators should fiscalise and interface through multi-currency devices to ZIMRA systems. Please note that all VAT Registered operators whose transactions result in them receiving foreign currency, should ensure that VAT is accounted for in foreign currency. Therefore, VAT returns for foreign currency remittances should be accompanied by the following separate schedules:
a) Input tax for transactions done in foreign currency
b) Input Tax for transaction done in RTGS Dollar and
c) VAT Withholding Tax

OUTSTANDING RETURNS
All taxpayers are reminded to submit all outstanding returns which include:
a) Employees’ Tax or Pay As You Earn (PAYE) Remittances - [P2 Remittance Advice Form]
b) Withholding Taxes /Royalties Returns – [REV5 Form]
c) Intermediate Money Transfer Tax (IMTT) - [REV5B Form]
d) Income Tax returns (ITF12C PAYMENTS

All payments for all taxes should be remitted on time through banks. Refer to the following link on ZIMRA website for ZIMRA Bank Accounts https://www.zimra.co.zw/profile/203

Please Note: All returns should be submitted online through e-services. Failed online returns submission should be scanned and emailed to the applicable/relevant email address from the full article in the link below

https://www.zimra.co.zw/public-notices?download=1281:public-notice-68-of-2021-returns-and-payment-of-vat-for-clients-in-vat-categories-b-and-c-due-date-25-july-2021

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27/07/2021

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26/07/2021

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23/07/2021

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The Zimbabwe Revenue Authority in partnership with Classic263 will be hosting a Radio Programme on taxation in Zimbabwe....
23/07/2021

The Zimbabwe Revenue Authority in partnership with Classic263 will be hosting a Radio Programme on taxation in Zimbabwe. The programme will be aired every Tuesday starting on 27 July 2021 from 0715hrs to 0800hrs in the morning. Be part of this exciting programme where we are demystifying misconceptions about tax payment. ZIMRA, We are Here To Serve!!

The Zimbabwe Revenue Authority in partnership with Classic263 will be hosting a Radio Programme on taxation in Zimbabwe. The programme will be aired every Tuesday starting on 27 July 2021 from 0715hrs to 0800hrs in the morning. Be part of this exciting programme where we are demystifying misconceptions about tax payment. ZIMRA, We are Here To Serve!!

Taxation of fringe benefitsWhat are fringe benefits?• Fringe benefits means any amount of income which is paid or payabl...
22/07/2021

Taxation of fringe benefits

What are fringe benefits?
• Fringe benefits means any amount of income which is paid or payable to any person whether in cash or otherwise in respect of services rendered. These are perks that employers give to their employees over and above any financial compensation.
• These are advantages or benefits which are given to employees as incentives to retain their services.
• Advantage or benefit includes board, occupation of quarters or residence, or the use of furniture or motor vehicle. It also includes the use of or enjoyment of any other property whatsoever, tangible or intangible, including a loan, an allowance, passage benefit and any other advantage or benefit whatsoever in lieu of or in the nature of remuneration as stated above.
• Employee includes a director or a person otherwise gainfully employed.

Valuation of advantages or benefit

 Occupation or use of quarters, residence or furniture – value to the employee is used to determine the taxable benefit.

 Loan - Where the Loan is USD$ excess of $100. There is a benefit if the interest rate payable is less than LIBOR rate plus 5%. For Zimbabwean dollar, a benefit will arise if the amount of the loan exceeds ZWL8,000.00 and the interest rate is less than 15%.

 Motor Vehicle – The cost to the employer shall be deemed to be as follows:
Engine Capacity ZWL Deemed Benefit USD$ Deemed Benefit
1500cc or less ZWL54,000.00 USD675.00
1501 to 2000cc ZWL72,000.00 USD900.00
2001 to 3000cc ZWL108,000.00 USD1,350.00
Exceeding 3000cc ZWL144,000.00 USD9,800.00

 School fees benefit
Where the employer pays school fees for the employees’ children, the cost of the fees payable become taxable in the hands of the employee. However, in a case where the employee is a member of the teaching or non-teaching staff of the school, only half of the school fees benefit shall be brought into his gross income and this shall apply to only three of the children of the employee concerned.

 Passage benefit
The benefit covers the cost borne by the employer on travels by the employee, spouse of children which are not for the purposes of the employer’s business. This includes the cost of taking up employment or termination of employment where such costs have been previously offered to the employee.

 Any other advantage or benefit
The cost to the employer is used to determine the taxable benefit.

COVID 19 is real. Always remember to sanitise, wash your hands with water and soap.


My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority 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/2161-taxation-of-fringe-benefits

Taxation of fringe benefits

What are fringe benefits?
• Fringe benefits means any amount of income which is paid or payable to any person whether in cash or otherwise in respect of services rendered. These are perks that employers give to their employees over and above any financial compensation.
• These are advantages or benefits which are given to employees as incentives to retain their services.
• Advantage or benefit includes board, occupation of quarters or residence, or the use of furniture or motor vehicle. It also includes the use of or enjoyment of any other property whatsoever, tangible or intangible, including a loan, an allowance, passage benefit and any other advantage or benefit whatsoever in lieu of or in the nature of remuneration as stated above.
• Employee includes a director or a person otherwise gainfully employed.

Valuation of advantages or benefit

 Occupation or use of quarters, residence or furniture – value to the employee is used to determine the taxable benefit.

 Loan - Where the Loan is USD$ excess of $100. There is a benefit if the interest rate payable is less than LIBOR rate plus 5%. For Zimbabwean dollar, a benefit will arise if the amount of the loan exceeds ZWL8,000.00 and the interest rate is less than 15%.

 Motor Vehicle – The cost to the employer shall be deemed to be as follows:
Engine Capacity ZWL Deemed Benefit USD$ Deemed Benefit
1500cc or less ZWL54,000.00 USD675.00
1501 to 2000cc ZWL72,000.00 USD900.00
2001 to 3000cc ZWL108,000.00 USD1,350.00
Exceeding 3000cc ZWL144,000.00 USD9,800.00

 School fees benefit
Where the employer pays school fees for the employees’ children, the cost of the fees payable become taxable in the hands of the employee. However, in a case where the employee is a member of the teaching or non-teaching staff of the school, only half of the school fees benefit shall be brought into his gross income and this shall apply to only three of the children of the employee concerned.

 Passage benefit
The benefit covers the cost borne by the employer on travels by the employee, spouse of children which are not for the purposes of the employer’s business. This includes the cost of taking up employment or termination of employment where such costs have been previously offered to the employee.

 Any other advantage or benefit
The cost to the employer is used to determine the taxable benefit.

COVID 19 is real. Always remember to sanitise, wash your hands with water and soap.


My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority 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/2161-taxation-of-fringe-benefits

#ProtectYourselfAndOthers  #GetVaccinated #getvaccinatedtobeprotected #getvaccienatedcovid19
20/07/2021

#ProtectYourselfAndOthers #GetVaccinated #getvaccinatedtobeprotected #getvaccienatedcovid19

#ProtectYourselfAndOthers #GetVaccinated #getvaccinatedtobeprotected #getvaccienatedcovid19

Revenue performance report for the second quarter of 20211. IntroductionThe economic environment continued to improve in...
19/07/2021

Revenue performance report for the second quarter of 2021

1. Introduction
The economic environment continued to improve in the second quarter of 2021 on the backdrop of heightened implementation of the National Development Strategy 1 (NDS-1). Inflation eased by 133.91 percentage points from 240.55% in March 2021 to 106.64% in June 2021. Generally, the exchange rate remained stable despite the local currency weakening slightly in the second quarter of 2021. The stability in exchange rates and the decreasing inflation have instilled more confidence in business and the performance of the economy as a whole, thereby boosting economic activity leading to a positive effect on tax revenue collections.

The recent reports by World Bank and the International Monetary Fund (IMF) that projected a 3.9% and 6% growth respectively for the year 2021 (World Bank Press Release NO: 2021/162/AFRI and MF, Press Release No. 21/183) reinforce the optimistic expectation of a 7.5% growth projected by the government at the beginning of the year. This is underpinned by a bumper harvest for the 2020/21 agricultural season, increased energy production and the resumption of increased manufacturing and construction activities. However, the projected improvement in economic growth could be threatened by the emerging COVID-19 induced business interruptions.

ZIMRA has continued to respond with several measures to protect both staff and clients across the country while it remained focused on revenue collection and facilitation of trade and travel during this devastating COVID-19 pandemic period. The coordinated responses include the continued enhancement of online virtual services, provision of personal protective equipment, temperature screening, hand sanitization and decongesting offices by allowing staff to work from the confines of their homes. The Authority also continues to encourage clients to use the online facilities in conducting their tax compliance business.

Click link below for the full report ...
https://www.zimra.co.zw/downloads/category/12-revenue-perfomance-reports?download=1264:revenue-performance-report-for-the-second-quarter-of-2021

Revenue performance report for the second quarter of 2021

1. Introduction
The economic environment continued to improve in the second quarter of 2021 on the backdrop of heightened implementation of the National Development Strategy 1 (NDS-1). Inflation eased by 133.91 percentage points from 240.55% in March 2021 to 106.64% in June 2021. Generally, the exchange rate remained stable despite the local currency weakening slightly in the second quarter of 2021. The stability in exchange rates and the decreasing inflation have instilled more confidence in business and the performance of the economy as a whole, thereby boosting economic activity leading to a positive effect on tax revenue collections.

The recent reports by World Bank and the International Monetary Fund (IMF) that projected a 3.9% and 6% growth respectively for the year 2021 (World Bank Press Release NO: 2021/162/AFRI and MF, Press Release No. 21/183) reinforce the optimistic expectation of a 7.5% growth projected by the government at the beginning of the year. This is underpinned by a bumper harvest for the 2020/21 agricultural season, increased energy production and the resumption of increased manufacturing and construction activities. However, the projected improvement in economic growth could be threatened by the emerging COVID-19 induced business interruptions.

ZIMRA has continued to respond with several measures to protect both staff and clients across the country while it remained focused on revenue collection and facilitation of trade and travel during this devastating COVID-19 pandemic period. The coordinated responses include the continued enhancement of online virtual services, provision of personal protective equipment, temperature screening, hand sanitization and decongesting offices by allowing staff to work from the confines of their homes. The Authority also continues to encourage clients to use the online facilities in conducting their tax compliance business.

Click link below for the full report ...
https://www.zimra.co.zw/downloads/category/12-revenue-perfomance-reports?download=1264:revenue-performance-report-for-the-second-quarter-of-2021

WHAT IS FISCALISATION?What Is Fiscalisation?Fiscalisation is the capturing of tax data or information on sales using fis...
15/07/2021

WHAT IS FISCALISATION?

What Is Fiscalisation?
Fiscalisation is the capturing of tax data or information on sales using fiscal gadgets. As businesses record their tax data and sales, the information is concurrently transmitted into the ZIMRA server. The data captured cannot be altered.

Who is required to fiscalise?
All VAT registered operators are required to fiscalise their operations and ensure the devices are interfaced with ZIMRA systems.

What are fiscal devices?
Fiscal devices are electronic devices, which contain a “fiscal memory”. A “fiscal memory” is a special read only memory which is permanently built into a fiscalised device to store tax information at the time of the sale. There are therefore three, categories of fiscal devices, from which clients can choose from depending on their nature of business:

1. Fiscalised electronic registers/ electronic tax registers (ETRs)
• These are manual stand-alone devices similar to cash registers, the difference being that they have a fiscal memory.
• These devices have a 3G sim card that transmits data to the ZIMRA server as sales are being receipted.
• The device is suitable for small to medium retail businesses that issue out receipts to their customers for example small grocery shops, hair salons, clothing boutiques, restaurants, bars, hardware and tuck shops.
• A product list is uploaded on to the device and each product is coded for ease of reference when transacting.

2. Fiscalised printers
• These are small printers attached to point of sale or computer systems.
• Fiscal printers work with point of sale/computer systems that use retail software. They also have a fiscal memory for recording sales at the time of printing and also a 3G sim-card that transmits data to the ZIMRA server.
• Fiscal printers are suitable for small, medium and large clients in retail business that have computerised systems and issue out receipts for example supermarkets, hardware, furniture retailers, restaurants and other retail shops.

3. Electronic signature devices
• These devices affix digital signatures to transactions and are not suitable for clients who issue manual invoices.
• These devices are connected to an already existing computer invoicing system.
• Data is sent to the ZIMRA server as the client issues the invoice via a data sim card that is in the device.
• These devices are suitable for registered operators who issue tax invoices to their clients.

Fiscal Device Interface
All registered devices should be interfaced to the ZIMRA Server. Therefore, Registered Operators should approach their Approved Suppliers of the fiscal gadgets and get assistance on interface. This is in line with SI 153 of 2016 which required all registered fiscal devices to be interfaced by 31 December 2017.

Fiscalisation in the Multi-Currently Era
With the use of multi-currency in our economy, we have witnessed different operators using multiple currencies. clients are under obligation to record the sales using the appropriate device. In this regard clients are advised to visit their respective electronic device suppliers in order to get the correct configuration that allows for the right invoicing in multiple currencies.

Obligations of Value Added Tax Registered Operators
• To acquire appropriate devices from approved suppliers
• To integrate their systems to the device (including interfaces)
• To register the devices with ZIMRA by completing and submitting to ZIMRA Form FRT1.
N.B. Form FRT1 can be obtained from ZIMRA offices, from the approved suppliers or the ZIMRA website (www.zimra.co.zw).
• To ensure there is back up power supply capable of lasting at least eight hours from the time the power supply ceased.
• To liaise with the supplier on the following issues:
i) On installation and configuration of the devices onto the client`s system.
ii) Programming the gadget into fiscal mode.
iii) Print test Z-Report indicating that the device is now in fiscal mode

• To liaise with the ZIMRA on the following issues:
i) Confirmation that the device is working and ready to record tax information.
ii) To seal the device.

N.B. This indicates that the device is ready for use.
What are the consequences of not fiscalising on time?
According to Section 10 (1) of SI 104 of 2010 penalties for failure to fiscalise are pegged at $25 per day up to a maximum of 181 days. To avoid these penalties clients, need to fiscalise and also notify ZIMRA when they start the process of fiscalising. Failure to interface with the ZIMRA Server will attract penalties for each point of sale that remains not interfaced and prosecution procedures maybe instituted if one continues to be in default.

COVID 19 is real. Always remember to sanitise, wash your hands with water and soap. Stay safe.


My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority 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/2160-what-is-fiscalisation

WHAT IS FISCALISATION?

What Is Fiscalisation?
Fiscalisation is the capturing of tax data or information on sales using fiscal gadgets. As businesses record their tax data and sales, the information is concurrently transmitted into the ZIMRA server. The data captured cannot be altered.

Who is required to fiscalise?
All VAT registered operators are required to fiscalise their operations and ensure the devices are interfaced with ZIMRA systems.

What are fiscal devices?
Fiscal devices are electronic devices, which contain a “fiscal memory”. A “fiscal memory” is a special read only memory which is permanently built into a fiscalised device to store tax information at the time of the sale. There are therefore three, categories of fiscal devices, from which clients can choose from depending on their nature of business:

1. Fiscalised electronic registers/ electronic tax registers (ETRs)
• These are manual stand-alone devices similar to cash registers, the difference being that they have a fiscal memory.
• These devices have a 3G sim card that transmits data to the ZIMRA server as sales are being receipted.
• The device is suitable for small to medium retail businesses that issue out receipts to their customers for example small grocery shops, hair salons, clothing boutiques, restaurants, bars, hardware and tuck shops.
• A product list is uploaded on to the device and each product is coded for ease of reference when transacting.

2. Fiscalised printers
• These are small printers attached to point of sale or computer systems.
• Fiscal printers work with point of sale/computer systems that use retail software. They also have a fiscal memory for recording sales at the time of printing and also a 3G sim-card that transmits data to the ZIMRA server.
• Fiscal printers are suitable for small, medium and large clients in retail business that have computerised systems and issue out receipts for example supermarkets, hardware, furniture retailers, restaurants and other retail shops.

3. Electronic signature devices
• These devices affix digital signatures to transactions and are not suitable for clients who issue manual invoices.
• These devices are connected to an already existing computer invoicing system.
• Data is sent to the ZIMRA server as the client issues the invoice via a data sim card that is in the device.
• These devices are suitable for registered operators who issue tax invoices to their clients.

Fiscal Device Interface
All registered devices should be interfaced to the ZIMRA Server. Therefore, Registered Operators should approach their Approved Suppliers of the fiscal gadgets and get assistance on interface. This is in line with SI 153 of 2016 which required all registered fiscal devices to be interfaced by 31 December 2017.

Fiscalisation in the Multi-Currently Era
With the use of multi-currency in our economy, we have witnessed different operators using multiple currencies. clients are under obligation to record the sales using the appropriate device. In this regard clients are advised to visit their respective electronic device suppliers in order to get the correct configuration that allows for the right invoicing in multiple currencies.

Obligations of Value Added Tax Registered Operators
• To acquire appropriate devices from approved suppliers
• To integrate their systems to the device (including interfaces)
• To register the devices with ZIMRA by completing and submitting to ZIMRA Form FRT1.
N.B. Form FRT1 can be obtained from ZIMRA offices, from the approved suppliers or the ZIMRA website (www.zimra.co.zw).
• To ensure there is back up power supply capable of lasting at least eight hours from the time the power supply ceased.
• To liaise with the supplier on the following issues:
i) On installation and configuration of the devices onto the client`s system.
ii) Programming the gadget into fiscal mode.
iii) Print test Z-Report indicating that the device is now in fiscal mode

• To liaise with the ZIMRA on the following issues:
i) Confirmation that the device is working and ready to record tax information.
ii) To seal the device.

N.B. This indicates that the device is ready for use.
What are the consequences of not fiscalising on time?
According to Section 10 (1) of SI 104 of 2010 penalties for failure to fiscalise are pegged at $25 per day up to a maximum of 181 days. To avoid these penalties clients, need to fiscalise and also notify ZIMRA when they start the process of fiscalising. Failure to interface with the ZIMRA Server will attract penalties for each point of sale that remains not interfaced and prosecution procedures maybe instituted if one continues to be in default.

COVID 19 is real. Always remember to sanitise, wash your hands with water and soap. Stay safe.


My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority 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/2160-what-is-fiscalisation

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