Corporate taxes in Zimbabwe are governed by the Income Tax Act (Chapter 23:06). The standard corporate tax rate is 24%. However, there are a number of deductions and exemptions that can reduce the amount of tax that a company owes.
Some of the deductions that are available to companies include:
- Pension contributions
- Medical aid contributions
- Donations to approved charities
- Interest on mortgage interest
- Expenditure in the production of taxable income
Some of the exemptions that are available to companies include:
- Income from exports
- Income from certain investments
- Income from certain research and development activities
Companies are required to file an annual income tax return with the Zimbabwe Revenue Authority (ZIMRA). The return must show the amount of income, the amount of deductions, and the amount of tax due.
Here are some additional information about corporate taxes in Zimbabwe:
- The standard corporate tax rate is 24%.
- There are a number of deductions and exemptions that can reduce the amount of tax that a company owes.
- Companies are required to file an annual income tax return with ZIMRA.
- Corporate taxes are a complex area of law, and companies should seek professional advice to ensure that they are complying with the law.
They are penalties for non-compliance with corporate tax laws in Zimbabwe, companies that are found to be in non-compliance with corporate tax laws in Zimbabwe may also be subject to criminal prosecution
