Zimra to roll out voluntary disclosure facility for SMEs

The Zimbabwe Revenue Authority (Zimra) will this Friday issue a voluntary disclosure public notice aimed at improving tax compliance among small and medium enterprises (SMEs), Acting Commissioner-General Mr Misheck Govha has said.

Speaking at a stakeholders' breakfast meeting held on the sidelines of the Zimbabwe International Trade Fair (ZITF) in Bulawayo, Mr Govha said the initiative is part of a broader simplified tax regime designed to bring SMEs and informal sector players into the formal tax system.

He said the programme seeks to widen the tax base while offering a more accessible compliance framework for businesses that have struggled to meet tax obligations.

"We have a simplified regime for tax for the SMEs… we are also engaging the Ministry of Finance to make sure that this is catered for," said Mr Govha.

He added that Zimra is working with multiple government ministries, including Local Government and SMEs Development, to ensure the new system reflects the realities of small businesses.

The upcoming voluntary disclosure facility will allow taxpayers to regularise their tax affairs without penalties, although interest charges will still apply.

"But let me say, I take note of what we have said, issues of penalties. Unfortunately, interest is not waived, but we are working on a voluntary disclosure public notice," he said.

"It will come out by Friday. It will give everyone across the nation the opportunity to declare without any penalty."

The notice will be published on the Zimra website, according to the tax authority.

Stakeholders attending the meeting welcomed the development, saying a simplified compliance system could help expand formal participation by SMEs while improving overall revenue collection.

Zimra has in recent years stepped up engagement with businesses as part of efforts to strengthen domestic resource mobilisation and improve tax compliance across sectors.