Tax Amnesty
Eustice Chinzou
On the 17th of October 2014, ZIMRA, through the Finance Act (No. 2) of 2014, made provision for an amnesty on penalties, interest, and prosecution for the non-payment and other irregularities in connection with all taxes administered by the authority. What does this mean?
Well, if you have a company that was registered for tax but you "may have forgot to submit your returns", have been charged penalties "that you may not be able to pay", and now need to use the company to apply for tender, register your company as an approved supplier, or chase after a contract with a blue chip company, this amnesty applies to you!!! Why? Well, think about this: ZIMRA charges penalties of US$30.00 per day for late submission of returns. How much do you think you have accumulated in late returns?
Lucky for you, the tax amnesty is in respect of any non-compliance which occurred during the period beginning 1st February 2009 - 30 September 2014. What's more, as stated in the public notice, "ZIMRA would like to urge it's valued clients to take full advantage of this rare opportunity and regularize their tax affairs". Is he tax man being sincere? Consider this: The deadline for submission was pushed back by a further three months to the end of July. So what are you waiting for? If your taxes are not in order, call us today on 0772807126 for further information and let us help you take advantage of this rare opportunity to give your business a clean slate. Call now on 0772 807 126 or visit www.businessplanner.co.zw for more information on our additional services and products.