by Great Paraxy | Jan 13, 2023 | Tax
Tax treatment of a Partnership in Zimbabwe. A partnership is not a legal persona and is not liable for income tax liabilities. In practice, the taxable income of the partnership is first determined on the basis that it is a separate taxable person. The profits...
by Great Paraxy | Jan 4, 2023 | Tax
Legal ways to reduce your tax liability with ZIMRA. Did you know that you can legally reduce your tax liability with any tax administrator. Though there are various ways in the Zimbabwean Tax Legislation that businesses may you use to avoid paying more than necessary...
by Great Paraxy | Jan 4, 2023 | Tax, Accounting
Intermediated Money Transfer Tax (IMTT) Amended Tax Rates. With effect from 1 January 2023, The FINANCE (No. 2) ACT, 2022 revised down Intermediated Money Transfer Tax (IMTT) from 4% to 2% on all USD transactions. Amendment of section 22G of Cap. 23:04 With effect...
by Great Paraxy | Jan 4, 2023 | Tax
Value Added Tax (VAT) rate in Zimbabwe. Value Added Tax (VAT) is a tax on consumption. In Zimbabwe, VAT is now levied at 15% as per FINANCE (No. 2) ACT, 2022, gazetted on the 30th of December 2022. VAT was previously levied at 14.5%. What does mean. VAT registered...
by Great Paraxy | Jan 4, 2023 | Tax
30% Withholding Tax on Tenders in Zimbabwe. Finance Act No. 8 of 2022 FINANCE ACT gazetted on the 24th of October 2022. Withholding Tax on contractors threshold as per amendment of Section 80 of Income Tax. Currency Old New ZWL 130,000 500,000 USD 1,000 1,000 Section...
