May 17, 2022
INCOME tax is calculated in terms of the tax laws, which provide that income tax with which a person is chargeable shall be calculated by reference to the person’s taxable income in the year of assessment and the appropriate rates of tax relating to the year of assessment…
ZIMBABWEAN tax laws bring into gross income all amounts an employee derives in connection with employment, including all amounts received or accruing to a person by reason of employment or cessation of such employment. (more…)
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THE value of supply refers to the tax base on which Value Added Tax (VAT) rate is to be applied. The rule was introduced by VAT laws, which state that for the purposes of the VAT Act, this section shall apply for determining the value of any supply…
REMUNERATION means any amount of income paid or payable to any person by way of a salary, leave pay, allowance, wage, overtime pay, bonus, gratuity, commission, fee, emolument, pension, superannuation allowance, retiring allowance, stipend or commutation of a pension or an annuity, whether in cash or otherwise, and…
Non-resident tax on fees is withheld in terms income tax laws in Zimbabwe. The fees should be paid from a source within Zimbabwe to a non-resident. A non-resident person is a person other than the company, a partnership or foreign company not ordinarily resident in Zimbabwe. (more…)
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VALUE Added Tax (VAT) laws provide for collection of VAT on services imported by any person (individuals, registered operator or non-registered persons). The supplier of imported services must be a non-resident of Zimbabwe and the services should be consumed or utilised in Zimbabwe. VAT on imported services is…
Withholding tax on non-executive directors’ fees was introduced on January 1, 2007 in respect of fees paid to a non-executive director by a corporate. (more…)
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Documentation is central to the claiming of Value Added Tax (VAT) input tax. It constitutes the basis of claiming input tax to avoid proliferation of fictitious input tax claims. The most important of all documents is the fiscal tax invoice, as of the 1st of January 2022.…
In most countries where the VAT system is in operation, among the common challenges is the under-declaration of revenue and overstatement of input tax claims. (more…)
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ZIMBABWE levies a number of withholding taxes to be guaranteed off revenue collection, some of them on payments of non-resident persons, but of our concern in this article is withholding tax on local contracts. (more…)
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