News: Tax

What is an ITF16 Return. An ITF16 return is an aggregate of monthly P2 returns for a particular year of assessment. ITF16 return is under Pay as you earn (PAYE) tax head. The return is due every 30 days after the end of the year of assessment. What constitute an...

Accounting dates of Assessment. The year of assessment is a period of twelve months ending on 31st December and this is the ordinary year of assessment. The commissioner may, on written application, grant permission to use a different twelve month as the year of...

Income which is exempt from Income Tax in Zimbabwe. Exempt income is income accruing to a business and not taxable. in tax language, Exemptions are accruals and receipts of revenue nature, which are free of income tax. The following receipts are exempt from tax....

Tax treatment for income accruing from business operations in Zimbabwe. To deduce what constitute business income, we need to define trade.The term business has the same meaning with the term trade. A “trade” is defined in terms of the Act as including any profession,...

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...