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FAQ
Frequently Asked Questions
What is a Tax Clearance?
A Tax Clearanace Certificate (ITF263 ) is a compliance document issued by ZIMRA to a tax payer who is compliant with the tax administrator.
What is a Bank Advice Note?
A bank advice note, also known as a tax clearance certificate to open a corporate account is a note issued by ZIMRA authorising the taxpayer to open a corporate account with any bank of choice.
How do i claim back my 30% Withholding Tax?
The only way to recover withholding tax remitted by payer to ZIMRA is through year end income tax return. You can reduce the tax liability by the amount of withholding tax remitted to ZIMRA during the period when the taxpayer had no tax clearance. However, the taxpayer should be in possession of all the withholding certificates.
What is a Business Partner Number (BP Number)?
It is an identity issued by ZIMRA when a taxpayer registers with ZIMRA. Registering with ZIMRA can be done online or manually by visiting their offices with filled REV 1 form and supporting documents.
What is a Private Limited Company (PLC)?
Limited corporations, also referred to as Private Limited Companies, account for the majority of new company formation in Zimbabwe. Any corporation that has been registered with the goal of making money for its owners will typically have this organisational structure. It is incredibly well-liked since it offers limited liability and permits the distribution of profits among the shareholders. After formation, the PLC produces Certificate of Incorporation, Memorandum and Articles of Association, CR 5 (former CR 6) and CR 6 (Former CR 14).
Do i need to register my business with ZIMRA?
You must register with ZIMRA within 30 days of starting your business. You can register online or manually from the application. Together with the completed form REV 1 or as an attachment to online registration.
What is VAT Withholding Tax?
When appointed agents pay their suppliers for the purchase of taxable goods and services, VAT withhold tax is withheld from the payment. Agents are withholding 1/3 of the output tax. A VAT Withholding certificate should be issued by the urgent. Approved agents are https://www.zimra.co.zw/domestic-taxes/vat/consolidated-list-of-value-added-withholding-tax-agents
What is Withholding tax on contracts?
It is a tax withheld by payer when the payee has failed to furnish a valid tax clearance certificate. The tax is levied at 30% of the value of invoice. A Withholding certificate should be availed by the payer.
What do i need to form a company in Zimbabwe?
Forming a company is very simple. You only need to furnish us with the following:
- A list of 5 possible names for your business.
- A minimum of two (2) directors and a maximum of fifty (50)
- a) Full names
- b) Residential Addresses
- c) Identity numbers or Passport numbers
- Shareholder list
- Business address
- Core objective of the company
- Processing fee
Does ZIMRA Garnish taxpayers ?
ZIMRA has power to collect debt from a client’s debtor or funds from corporate account. In circumstances where the taxpayer has been uncooperative, a garnishment is employed as a final resort.
What is a Private Business Corporation (PBC) ?
A less popular but nevertheless viable alternative to the private limited company is the Private Business Corporation . It is primarily utilized by home-based firms or small businesses that wish to formalize their operations as well as professionals who want to work as consultants, contractors, partners, such as attorneys, accountants, engineers, and architects. Similar to an Own Limited Company, it safeguards the business owners’ private finances. It has members rather than stockholders and directors. The member’s financial liability is limited to the sum of money they contributed to the company’s formation. It yields the following after formation Certificate of Incorporation and a Statement of Incorporation (CR 28).
What other bodies to i need to register with ?
It is one of the crucial matter to take into consideration after forming you company. I would advise to register with ZIMRA first, since everything after might require valid tax clearance certificate.Soon after having BP number and tax clearance, regularise you account with banks and register with exchange control, in case you may need to do offshore payments. Move on to register with NSSA, PRAZ and Vendor number in case you want to participate in tenders. You may also to register with SDF, NEC and ZIMDEF.