News / National
Businesses urged to keep financial records or risk imprisonment
03 Aug 2024 at 16:46hrs | Views
The Zimbabwe Revenue Authority (ZIMRA) has reminded businesses to maintain proper records of transactions and accounts as required by law.
Businesses must keep records such as ledgers, cash-books, bank statements, invoices, and other relevant documents for a minimum of six years, as specified by the Customs and Excise Act, Income Tax Act, and VAT Act. These records must be available for inspection by ZIMRA officers and can be accessed in original form or as copies.
Failure to maintain proper records may result in fines of up to level seven or 10% of taxable income, and in some cases, imprisonment for up to three months. ZIMRA also emphasized that records on computer-related media must be accessible to officers.
Businesses must keep records such as ledgers, cash-books, bank statements, invoices, and other relevant documents for a minimum of six years, as specified by the Customs and Excise Act, Income Tax Act, and VAT Act. These records must be available for inspection by ZIMRA officers and can be accessed in original form or as copies.
Failure to maintain proper records may result in fines of up to level seven or 10% of taxable income, and in some cases, imprisonment for up to three months. ZIMRA also emphasized that records on computer-related media must be accessible to officers.
Source - The Chronicle
