News / National
High taxing scares away investors - Zanu PF activist
07 Oct 2018 at 08:29hrs | Views
A Zanu PF activist and businessman Tjiyapo Velempini has warned that high taxing in Zimbabwe may scare away investors and lead to serious economic problems.
"I have said my two cents on the 2% Per dollar tax and today would like to comment on Corporate and individual tax. Investors come in and look at such taxes when they come in and do assessments of the terrain. They are both too high, above regional and international averages for progressive countries. They are still cumbersome to pay with online systems of filing and paying never really having fully taken off over the years," he said.
He said Flat Rates of taxation are seen as progressive and equitable the world over and very easy to administer for the the revenue authority.
"Processes like tax clearances and tax directives should not be people driven but automatically applied for online, processed and issued promptly. This logic applies also investor specific taxes like remittances of dividends to foreign investors. Linkages automatically must be done with other related agencies to create one work flow," he said.
"What is required is a leaner, empowered and highly automated revenue agency that is agile to market changes. We must adapt or die in the 21st Century."
"I have said my two cents on the 2% Per dollar tax and today would like to comment on Corporate and individual tax. Investors come in and look at such taxes when they come in and do assessments of the terrain. They are both too high, above regional and international averages for progressive countries. They are still cumbersome to pay with online systems of filing and paying never really having fully taken off over the years," he said.
"Processes like tax clearances and tax directives should not be people driven but automatically applied for online, processed and issued promptly. This logic applies also investor specific taxes like remittances of dividends to foreign investors. Linkages automatically must be done with other related agencies to create one work flow," he said.
"What is required is a leaner, empowered and highly automated revenue agency that is agile to market changes. We must adapt or die in the 21st Century."
Source - Byo24News
