Business / Economy
Zimra extends tax amnesty to June 30
10 Apr 2015 at 08:07hrs | Views
The Zimbabwe Revenue Authority (Zimra) has extended the Tax Amnesty window to the June 30, after the initial window expired last month, Director of finance, corporate planning and modernization, Robert Mangwiro has said.
Speaking at the second Zimbabwe Accounting Conference, Mangwiro said the payment period remains unchanged as companies are expected to pay their dues before the end of the year.
"The minister of Finance and Economic Development has agreed to extend the tax amnesty to the 30th of June, after the initial window expired last month. We urge all the companies that owe Zimra to come forward and take advantage of the amnesty," he said.
The tax amnesty is in terms of the Finance Act (No 2) of 2014 published on 17 October 2014 and covers tax irregularities that occurred in the period 1 February 2009 to 30 September 2014. Qualifying persons will be absolved from paying penalties, interest and prosecution for any tax irregularities that occurred during the specified period, although the principal amount remains payable. A 5% discount, credited to future tax obligations, will also be granted in respect of early payments.
According to Zimra, tax obligations in arrears have to date accumulated to over $1 billion, emanating from terms entered by taxpayers with the tax body.
Speaking at the second Zimbabwe Accounting Conference, Mangwiro said the payment period remains unchanged as companies are expected to pay their dues before the end of the year.
"The minister of Finance and Economic Development has agreed to extend the tax amnesty to the 30th of June, after the initial window expired last month. We urge all the companies that owe Zimra to come forward and take advantage of the amnesty," he said.
The tax amnesty is in terms of the Finance Act (No 2) of 2014 published on 17 October 2014 and covers tax irregularities that occurred in the period 1 February 2009 to 30 September 2014. Qualifying persons will be absolved from paying penalties, interest and prosecution for any tax irregularities that occurred during the specified period, although the principal amount remains payable. A 5% discount, credited to future tax obligations, will also be granted in respect of early payments.
According to Zimra, tax obligations in arrears have to date accumulated to over $1 billion, emanating from terms entered by taxpayers with the tax body.
Source - online
