The Zimbabwe Revenue Authority (ZIMRA) has so far collected almost US$18,5 million in value-added tax (VAT) from retailers trading in foreign currency since November 2018.
This was revealed by Zimra acting head of corporate communications Inzwirashe Muwonwa in an interview with The Sunday Mail Business last week. Said Munyoro:
Indeed, the traders are required to pay VAT in forex. We have held several meetings or seminars with the traders to remind them of the tax obligation.
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After the announcement of the Monetary Policy Statement and the promulgation of the Finance Act Number 1 of 2019, we are preparing the guidelines and public notices for our taxpayers.
In addition, we carry out on a regular basis tax compliance enforcement measures, including tax audits.
In November 2018, the government directed ZIMRA to collect VAT in foreign currency from companies that were charging their goods and services in hard currency.