Zimra raids mining companies’ bank accounts

Nov 21, 2014· via Zimra raids mining companies’ bank accounts November 21, 2014. THE Zimbabwe Revenue Authority (Zimra) last week reportedly garnished several mining companies’ bank accounts with outstanding taxes in a reportedly desperate move to raise salaries and bonuses for civil servants.

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Zimra boss resigns - Business Times

Questions sent to Zimra spokesperson Francis Chimanda were not responded to at the time of going to print. In the dossier to ZACC and the Special Anti-Corruption Unit, the whistle-blower claimed that NetOne Cellular was underpaying value added tax, withholding tax, income tax, and special excise due to airtime in 2015.

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Zimbabwe: Taxation of Mining Operations - allAfrica.com

Companies and persons who carry on mining operations on their own mines should submit to the commissioner annually, a statement giving an estimate of the life of the mine based on certified ...

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Read news by tag Zimra | Zimbabwe News - public.co.zw

In a statement yesterday, Zimra board chairperson, Willia Bonyongwe said during the first quarter other tax heads such as value-added tax (VAT) on imports, company tax, mining royalties and other indirect taxes exceeded their first quarter targets in addition to VAT on local sales.

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Fiscal Incentives Made Available for Investors - zimra.co.zw

Mining Companies. All capital expenditure on exploration, development, and operating incurred wholly and exclusively for mining operations is allowed in full. There is no restriction on carryover of tax losses; these can be carried forward for an indefinite period.

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Zimbabwe Tax Guide 2013 - PKF International

Presumptive taxes are periodic taxes, absolute figures or percentage-based, which are levied on certain specified business operations, usually undertaken by SMEs. Mining companies are, in addition to their specific corporate rates of tax, subject to a royalty calculated on the gross sales relating to the transfer of mineral resources. The

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Zimra collects $45m mining royalties - DailyNews Live

Jul 23, 2014· HARARE - The Zimbabwe Revenue Authority(Zimra) collected $45 million in mining royalties arrears in the half year to June 2014 as the tax collector intensifies efforts to boost dwindling earnings. Gershem Pasi, Zimra commissioner-general, said …

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Tax Incentives Can Puncture Efforts to Revamp Public ...

Sep 17, 2018· Further, critiques accused mining companies of cheating, using aggressive tax planning methods to avoid payment of taxes in jurisdictions where they are mining. A process known and Base Erosion and Profiting Shifting (BEPS) which weakens domestic capabilities to mobilise finance for …

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2016 tax reckoner - grantthornton.co.zw

Aids Levy on tax attributable to a company or trust engaged in mining operations The 3% AIDS levy is levied on tax payable by a company or trust engaged in the business of mining with effect from 1 January 2015. Tobacco levy on growers It was proposed to reduce tobacco levy from 1.5% to 0.75%, with effect from 1 January 2016.

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Zimbabwe Revenue Authority (ZIMRA) - Facebook

Mining companies All capital expenditure on exploration, development, and operating incurred wholly and exclusively for mining operations is allowed in full. There is no restriction on carryover of tax losses; these can be carried forward for an indefinite period. Taxable income of a holder of special mining lease is taxed at a special rate of 15%.

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Presumptive tax is dead! - The Zimbabwe Independent

Jul 25, 2014· Key contributions to the tax income came from value added tax (26%), individual tax (25%) and excise duty (14%). Completing the tally of tax heads published by Zimra are other traditional taxes like mining royalties, customs duty and company tax which are showing signs of stress.

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All tax returns will be completed in RTGS$: ZIMRA | Equity ...

All tax returns are therefore required to be completed in RTGS$.” “ZIMRA requires the submission of one tax return for the different tax types – Income Tax Act, Value added Tax Act and finance Act provide laws on requirement to pay tax in foreign currency where the income or transactions are in foreign currency.

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2018 Tax Rates | Zimbabwe Revenue Authority (ZIMRA)

20 rows· Mobile Version | Standard Version. Disclaimer: The Zimbabwe Revenue Authority does not assume any legal liability or responsibility for the incompleteness of the information or any loss, damage or legal consequences that may arise due to information contained on this website.

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‘Zimra getting all its revenue from mining sector’ | The ...

The Zimbabwe Revenue Authority is not receiving all the revenue due to it from the mining industry because of a multiplicity of policies which contradict legal provisions, Zimra Commissioner in ...

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Institute of Certified Tax Accountants - Tax News

This was is in no way targeted to farmers; most wholesalers, manufacturing, mining companies have received the same letter now and again,” Bonyongwe said. “The purpose is to bring more people in the tax net. Zimra is on a drive to enforce compliance. The only way the rate of tax can come down is if everyone pays their bit.”

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Zimra reviews SMEs taxation | The Herald

The Zimbabwe Revenue Authority (Zimra) has started reviewing the country’s tax system to accommodate small to medium businesses as it angles to boost the …

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Engaging Government on Tax Justice, Illicit Financial ...

Nov 07, 2017· Malvern Mudiwa of Marange Development Trust (MDT), for instance, got a chance to ask the Minister of Mines, Oliver Chidhakwa, on what measures are in place to ensure that the Zimbabwe Consolidated Diamond Mining Company (ZCDC), a state-owned company, contributes a fair share of taxes to Mutare Rural District Council (RDC).

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Zimbabwe: Taxation of Mining Operations - allAfrica.com

The mining sector has been a major driver of economic and export earnings growth since dollarisation. Consequently, it is of significant importance to explore opportunities in mining taxation ...

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Zimra raids NSSA - dev.newsday.co.zw

Apr 17, 2014· The Zimra raid on NSSA accounts came barely a fortnight after the tax authority garnisheed Mbada Diamonds over $22,4 million outstanding taxes in withholding taxes. “NSSA was served with a garnishee order for $10 million by Zimra for outstanding taxes last week on Friday,” an insider told NewsDay.

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ZIMRA Should Disclose Mining Tax Revenue – Mukasiri ...

Oct 30, 2016· Institutions such as ZIMRA must do more to end the secrecy in the mining sector by publicly disclosing mining tax contribution per each revenue head, mining tax contribution made by each company and per mining project where necessary as well as the cost of tax incentives.

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Zimbabwe Revenue Authority - Pindula

The Zimbabwe Revenue Authority (ZIMRA) was established on 19 January 2001 as a successor organisation to the then Department of Taxes and the Department of Customs and Excise following the promulgation of the Revenue Authority Act on February 11, 2000. The Commissioner General, Gershem Pasi, was appointed on May 1, 20

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Systems, Processes and Challenges of Public Revenue ...

Systems, Processes and Challenges of Public Revenue Collection in Zimbabwe ... ZIMRA has since decentralized its tax collection points ... effectively extend its revenue net to all key sectors of the economy, including the diamond mining sub sector. However, the introduction of electronic cargo tracking systems coupled with the adoption of ...

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2012 Simplified Guide to Taxes final

to you, if you do not have tax clearance, and submit the amount to Zimra. Financial savings Businesses that are tax compliant make huge savings on the taxes they pay to Zimra. As pointed above, presumptive taxes are deliberately set at punitive levels ... 2012 Simplified Guide to Taxes final ...

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Revenue collector speaks on tobacco tax - NewsDay Zimbabwe

Apr 05, 2017· Revenue collector speaks on tobacco tax. ... mining companies have received the same letter now and again,” Bonyongwe said. “The purpose is to bring more people in the tax net. Zimra …

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2015 tax reckoner - grantthornton.co.zw

Aids Levy on tax attributable to a company or trust engaged in mining operations The 3% AIDS levy does not apply to tax payable by a company or trust engaged in the business of mining. It has therefore been proposed to extend the AIDS levy to trusts or companies engaged in the business of mining with effect from 1 January 2015.

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Mining tax regime unfair: Zimra - DailyNews Live

May 16, 2016· “Zimra holds the view that the tax regime for miners must be reviewed. “It continues to call on government to find a fairer way of taxing the mining sector so that the country, communities and mining companies can all benefit equitably from the finite mineral resources,” Bonyongwe said.

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Zimbabwe Tax Guide 2013 - PKF International

turnover below USD60, 000 may pay presumptive taxes instead of normal tax. Presumptive taxes are periodic taxes, absolute figures or percentage-based, which are levied on certain specified business operations, usually undertaken by SMEs. Mining companies are, in addition to their specific corporate rates of tax, subject to a

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Ncube’s electronic tax racks in millions: Zimra - Zimbabwe ...

Apr 23, 2019· Source: Ncube’s electronic tax racks in millions: Zimra – NewsDay Zimbabwe April 22, 2019 By NQOBANI NDLOVU. Zimbabwe’s tax agency, the Zimbabwe Revenue Authority (Zimra) said revenues from the controversial 2% electronic money transfer tax rose by a staggering near 6 000% to $242 million by March compared to $5 million recorded during the same period last year.

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Zimra raids mining companies’ bank accounts

Nov 21, 2014· THE Zimbabwe Revenue Authority (Zimra) last week reportedly garnished several mining companies’ bank accounts with outstanding taxes in a reportedly desperate move to raise salaries and bonuses ...

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Fiscal Incentives In The Mining Sector-Zimbabwe | Ministry ...

INCOMETAX Taxable Income of a Holder of Special Mining LeaseA holder of a special mining lease, corporate income is taxed at a special rate of 15% instead of the general tax rate of 25%.However, holders of a Special Mining Lease are liable to Additional Profits Tax (APT). The tax is payable upon attaining a formula based level of profitability.

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zimra mining taxes - airelect.co.za

Zimra starts forex tax collection The Zimbabwe Revenue Authority (Zimra) has started collecting taxes, especially Value Added Tax (VAT) and Pay-As-You-Earn (PAYE) in foreign currency from companies that collect payments in that currency, but the informal sector continues to give the tax-man ...

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Zimra misses tax collection target - NewZimbabwe.com

THE Zimbabwe Revenue Authority (Zimra) chairperson Stanford Moyo said revealed that the tax collector missed its revenue collection target for the second quarter of this year by six percent. Net ...

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ZIMRA ordered to refund Zimplats $9.5 million | African ...

Sep 17, 2018· Z imbabwe Revenue Authority (ZIMRA) has been caught on the wrong side of the law in collecting revenue and the High Court has ordered it to pay back $9,5 million it unlawfully garnished from a local mining giant.. The taxman, in violation of the law, imposed fines to the tune of $9 554 215 on Zimbabwe Platinum Mines (Pvt) Ltd for alleged Customs and Excise Act infractions.

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