News: Tax

Introduction of Block Management System : What it entails to Taxpayers. The Zimbabwe Revenue Authority (ZIMRA) hereby notifies all its valued taxpayers that it has implemented a Block Management System (BMS) with effect from 1 January 2023. The BMS involves zoning of...

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...

The standard accounting date for tax purposes in Zimbabwe is the calendar year, which runs from January 1 to December 31. This 12-month period is known as the Year of Assessment for most taxpayers. However, the Zimbabwe Revenue Authority (ZIMRA) permits companies to...

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,...