Benefits of Registering your Business with ZIMRA.
Compliance among other strategies is very vital for success of a business. Registering with ZIMRA is being compliant with the Laws of Zimbabwe.
- Enables easy access of your tax clearance certificate.
- Fines, interest, penalties are not levied on compliant clients.
- High probability of winning Bids and tenders.
- Creates a good image with trade counterparts
- Few audits to check compliance.
Costs of non compliant with ZIMRA.
- Penalties, additional taxes, interests as a result of being non compliant.
- Loss on tenders and Bids
- Garnish
- Time wasting
- Court cases which will affect image of the business.
- Leakages of cash flow as a result of being non compliant.
What the Business needs to avoid non compliant costs?
- Submit returns on time.
- Pay taxes on time.
- Pay the correct tax.
- Declare the correct tax due.
- Keep proper accounting records
Benefits of proper accounting records.
Our legislation postulates that the business should keep accounting records for at least six years. Advantages of records keeping include;
- Shows performance of a business.
- Enables effective management of business.
- Business efficiency is derived from good records keeping.
- Improved decision from good record keeping.
- Updated records enables clear assessment.
