The Ministry of Finance and Economic Development has written to the Zimbabwe Revenue Authority (ZIMRA) reminding the tax collector that fifty percent (50%) of corporate tax will be required in Zimbabwean dollars. In a letter seen by Pindula News, Finance Secretary, George Guvamatanga reiterated that the move is meant to promote the usage of the depreciating Zimbabwean dollar. Reads the letter addressed to Ms R Chinamasa the Commissioner General of the Zimbabwe Revenue Authority:
RE: PAYMENT OF THE JUNE 2023 QUARTERLY CORPORATE TAX OBLIGATIONS
I write will reference to the above subject matter.
As you are aware Government on 23 June 2023 issued a Press Statement announcing that for the June 2023 Quarterly Payment Date (QPD), taxpayers will be required to settle 50% of the foreign currency portico of their corporate tax obligations in local currency to promote the use of the Zimbabwean dollar in the economy.
Furthermore, it was advised that, where the law requires the tax liability to be paid in local currency taxpayers are compelled to settle such tax obligations exclusively in local currency and therefore, Government will not accept any payments in USD or any other foreign currency for the portion of corporate income tax due in local currency for the June QPD.
It should be noted that the usual statutory penalties for late payment of taxes due will be vigorously applied. However, to avoid any tax arbitrage by taxpayers, the 50% tax obligation payable in local currency will be converted at the Wholesale Auction Exchange Rate prevailing on the date when the tax fell due.
Please be guided accordingly.
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