Standards Development Levy known by the acronym SDL by many accountants, is governed by The Standards Development Act [Chapter 14:19) of 1987 under the Ministry of Industry and Commerce established through an Act of Parliament

Its collection is suctioned by SI 140 of 2007.

Standards Development Fund Overall functions.

SDF was established through the Act of Parliament Chapter 14:19 of 1987. The Minister of Industry and Commerce is empowered to impose a levy of 0.5% of the total remuneration payable by the employer to his employees. Payments are paid four times a year.

The overall function of the SDF is to collect a levy of 0.5% and distribute it to the beneficiaries who are involved in the development and promotion of standards and quality of goods and services.

Who benefits from Standards Development Fund.

The current beneficiaries of Standards Development Fund are:

• Standards Association of Zimbabwe,
• The Scientific and Industrial Research and Development Centre (SIRDC) ,
• Trade Measures,
• National Competitiveness Commission (NCC) and
• The Southern African Development Community Accreditation Services (SADCAS)
• General public

which are responsible for ensuring or promoting quality and standardisation in the manufacturing of products and services for both local and international markets.

Registration requirements for Standard development Fund in Zimbabwe.

The following are requirements are needed when you are registering with Standards Development Fund;

1. Name of the Company
2. Physical address of the Company
3. Postal address
4. Contact Person
5. Contact Details
6. Nature of Business
7. Nature of Business
8. No. of Employees
9. Date started operations
10. Wage Bill

Computation of Standard Development Fund.

SI 140 of 2007 provides for quarterly collection of levy being 0,5% of the total remuneration payable by the employer to his or her employees.

Submission and Payments of Standard Development Fund.

Standard Development Levy is paid quarterly, however, companies have seen it wise to pay it every month.

Are there any penalties for offences that are committed by members of the business community?

There are penalties for offences committed by employers. Any employer who fails to pay the levy on the due date will be surcharged an amount equivalent to 10% if the levy is not paid within the time prescribed (paragraph as amended by Section 11 of Act No.12 of 1997).

Other Benefits of Registering with Standard development fund.

There are plenty of benefits with registering with Standard Development Fund.

1. Compliance with laws and regulations of Zimbabwe.
2. Tendering requirements require SDF registration.
3. Import license require SDF registration
4. Easy to deal with Ministry of Industry and Commerce.
5. Easy to deal with other government agencies and bordies.