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.