News: Tax

Businesses are liable to remit income tax.The article explores on the computation of business and investment income. It also explains the differences between accounting income and tax income. The determination of business income is the same whether the business is...

Businesses are liable to register with ZIMRA as soon as they start trading. Income Tax , one of the tax heads the business is liable to register. After registering with ZIMRA, business is issued a Business Partner Number (BPN). Most taxpayer often ask question about...

What is Value Added Withholding Tax? It is tax withheld by appointed agents when they pay their suppliers for the acquisition of taxable goods and services.Withholding of Value Added Tax (VAT) was introduced with effect from 1 January 2017. ZIMRA appointed agents to...

Features of a Tax Invoice. Change in Definition of Tax Invoice Definition of “tax invoice” or “fiscal tax invoice” revised to a fiscal tax invoice provided by a registered operator and printed by a fiscalised electronic register or fiscal memory device used by a...

Refund of VAT - features of a valid tax invoice in relation to VAT input tax claims. Value Added Tax (VAT) is invoice-based and is accounted for on both cash and credit transactions. The VAT payable is the difference between output tax and input tax. Output tax is the...