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ZIMRA To Name, Shame, Prosecute Businesses Selling In Forex But Remitting Taxes In Zimbabwean Dollars

3 years agoFri, 21 Aug 2020 03:26:18 GMT
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ZIMRA To Name, Shame, Prosecute Businesses Selling In Forex But Remitting Taxes In Zimbabwean Dollars

ZIMRA has sent a strong warning to companies that are selling their goods and services in forex but remitting taxes in local currency and said they risk being prosecuted for violating the law which states that businesses must remit taxes in the currency of their sales, The Herald reports.

The matter came to light yesterday in a joint press conference held by the RBZ and ZIMRA where ZIMRA Commissioner-General Faith Mazanhi said:

I would want to encourage our business community to be good corporate citizens for the betterment of our economy.

Tax audits focused on monitoring of tax payments in foreign currency are currently ongoing. Any detected non-compliance will be sanctioned through the following as provided in the law: charging of penalties and interest, prosecution and naming and shaming.

Our valued clients are therefore encouraged to avoid attracting the sanctions and do the honourable by correctly declaring all their tax in full, on time, all the time.

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Mazani also implored the public to report businesses that are not issuing invoices and said members of the public should insist on having receipts for their transactions:

Zimra further encourages members of the public to insist on being issued invoices, tax invoices, and receipts for business transactions done reflecting the correct currency of transaction. Where sellers issue discounts to their customers in either local or foreign currency, they must issue credit and or debit notes to correctly record the changes in currency of trade. You must report any act that contravenes the tax provisions. Use our whistle blowing facility where the identity of the informer is kept in strict confidentiality

Dr John Mangudya emphasised Mazanhi’s points and said they have set up a whistleblower toll-free number for the public to report cases of tax evasion and other illegal activities being done by businesses:

To complement the whistleblowing facility, we have come up with a toll-free number to facilitate reports of malpractices by business entities with a view to ensure Zimra collects all taxes for economic growth.

Some businesses are coming to the foreign currency auction and buying US dollars at the rate of US$1: $82 but they go on to sell their goods at the rate of US$1: $95. We will play our part as RBZ to ensure we walk the talk on punishing such offenders

More: The Herald 

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