A Harare Magistrate yesterday found businessman Genius Kadungure aka Ginimbi’s gas company Piko Trading guilt of tax evasion involving close to $3 million, The Herald reports.
According to the publication, Kadungure admitted to not paying taxes for over 6 years:
Kadungure, representing his company, admitted to failing to pay VAT between February 2009 and May 2016, prejudicing Zimra of $2 512 149. The company also admitted to failing to declare company tax leaving Zimra $355 559 short. This was after Piko Trading had pocketed $24 187 026.
Piko Trading will likely be ordered to pay the shortfall in taxes plus a fine equivalent to the shortfall, plus interest. However, Piko trading denied smuggling 5 289kg of gas into the country between 2010 and 2015 which would attract taxes amounting to $672 533.
Kadungure is also being charged in his own capacity for not submitting documents about his income to the Commissioner of Taxes from January 2010 to December 2015 as required by the Income Tax Act, giving rise to the charge of failing to pay $119 860,93.
More: The Herald