May 5, 2021
Business are struggling to comply with newly set stringent tax clearance certification regulations that became effective at the beginning of the year. Statistics gathered from ZIMRA showed that the tax compliance rate dropped by 37% following the introduction of the new regulations.
March 28, 2019
ZIMRA is in the process of reviewing taxing systems to accommodate the SMEs so that they contribute meaningfully to the economy, but also with limited cost on their part. ZIMRA understands the importance of SMEs and how they impact on the economy. Their research is looking at the feasibility of introducing a Turnover Tax, which will be a percentage of the income made by any person engaging in any kind of business. The business can then pay their tax by mobile phones at the end of each week or as at their desired frequency within each month. ZIMRA would want to see SMEs growing into large corporates, but with a full understanding of their corporate responsibility.