Zimra launches blitz against defaulters

Business
THE Zimbabwe Revenue Authority (Zimra) has launched a blitz against businesses and individuals owing the revenue authority.

THE Zimbabwe Revenue Authority (Zimra) has launched a blitz against businesses and individuals owing the revenue authority.

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Zimra has highlighted concerns of late submission of returns and a growing list of clients with outstanding balances of tax returns. In a notice, Zimra said penalties will be charged for any previous returns that remained outstanding after June 28 and any returns not submitted by the due date thereafter.

“Statutory Instrument 97 of 2013, Revenue Authority (civil penalty for late submission of returns) regulation came into effect on June 28 2013,” part of the notice reads.

“In view of the above mentioned regulations, Zimra hereby encourages its clients to submit all outstanding returns for all tax periods since 2009,” the notice adds.

Zimra said the penalty with effect from June 28, would be levied at not more than $30 for each day of the return remaining outstanding up to 181 days.

Late submissions of between 11 to 20 days will attract a fine of $150, while a delay of 21 to 30 days will result in a penalty of $450. Zimra added that late submissions of between 31 to 60 days will be fined at $1 350 while a penalty of $5 430 will be levied against delays of between 61 to 81 days.

Return of income includes those from individual employment, trade, companies, self-assessment returns on individuals and companies, pay as you earn, remittances of withholding tax, presumptive tax, capital gains and value added tax.

In another notice , Zimra called for the submission of income returns for the tax year ended December 31. “Zimra hereby gives notice in terms of Income Tax Act (Chapter 23:06) to all person or representatives taxpayers who were registered for trade or received income or to whom income accrued from a source within or deemed to be within Zimbabwe, are required to submit income tax returns for the tax year ended December 31,” part of the notice reads.

Zimra said returns on terminated employment, changed employment, received pension should be submitted by end of September 2013. The tax regulator added that for the avoidance of doubt, persons in receipt of income from employment which has been submitted to employee tax are not required to furnish income tax returns while traders who are not specified under the self-assessment systems are also required to submit income tax returns.

Zimra said there will be no extension to the date given for the submission of returns. Penalties in terms of the Revenue Authority (Civil Penalties of late Submission of Returns) regulation SI 97 of 2013 will be levied where the return remains outstanding after the deadline of September 30 2013. Twitter feedback @mudarikirig