ZIMRA warns business over foreign currency tax non-payments

Faith Mazani
Zimra Commissioner-General Faith Mazani

Farai Mabeza

The Zimbabwe Revenue Authority is conducting tax audits focusing on payment in foreign currency warning that any detected non-compliance would be sanctioned according to the country’s laws.

ZIMRA commissioner general, Faith Mazani, told a business dinner in Nyanga Thursday evening that businesses that are not complying with foreign currency tax payment requirements will face penalties and interest, prosecution and naming and shaming of non-compliant sectors. بلوت لعبه

Mazani noted that ZIMRA had observed a number of malpractices by businesses. دوري كرة القدم للسيدات السعودية

“Some businesses are not recording transactions being tendered for in foreign currency. Where transactions have been recorded, part or all the foreign currency tendered is not being declared for tax purposes,” she said.

Transactions in foreign currency are being written in manual registers. Operators are receiving foreign currency from their customers and issuing them RTGS receipts.

Foreign currency tendered is not being deposited with banks. Parallel manual invoicing is being used for recording transactions involving foreign currency, and such invoices are not declared for tax purposes. There are stand-alone tills, which are not configured to the ZIMRA fiscalisation system.

Some traders have created back offices and banking halls where forex payments are being received but not receipted nor declared on returns. كلاب السلوقي Offline separate systems are being kept for transactions involving foreign currency. فريق سان جيرمان

Some of these practices are a direct violation of the provisions of section 4A of the Finance Act and section 38 (6) of the VAT Act.

“We would like to further remind you that tax audits focused on monitoring of tax payments in foreign currency are currently ongoing,” Mazani said. سيرجيو بوسكيتس

“Fighting underhand dealings such as tax evasion and avoidance as well as corruption also calls for unity of purpose and sanity.”

Among the practices ZIMRA expects from the business community is that where sellers issue discounts to their customers in either, the Zimbabwean dollar or foreign currency, they must issue credit and/or debit notes to correctly record the changes in currency of trade.

ZIMRA said it would soon roll out a campaign to encourage members of the public to insist on being issued invoices, tax invoices, receipts for business transactions done reflecting the correct currency of transaction. شرح موقع 1xbet

ZIMRA is seeking the public’s help in reporting any act that contravenes the tax provisions through using the organisation’s whistle blowing facility where the identity of the informer is kept in strict confidentiality.

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