turnover below USD60, 000 may pay presumptive taxes instead of normal tax. Presumptive taxes are periodic taxes, absolute figures or percentage-based, which are levied on certain specified business operations, usually undertaken by SMEs. Mining companies are, in addition to their specific corporate rates of tax, subject to a


Nov 21, 2014· THE Zimbabwe Revenue Authority (Zimra) last week reportedly garnished several mining companies’ bank accounts with outstanding taxes in a reportedly desperate move to raise salaries and bonuses for civil servants.


companies With effect from 01/01/19, where companies are voluntarily wound up to. ... with ZIMRA for tax purposes. Withholding tax on contracts and tenders Exemption from ... taxpayer and ZIMRA is satisfied that the mining operations conducted are inseparable or interdependent where


Website of the Zimbabwe Revenue Authority (ZIMRA) - News, Notices, Taxation and Service Information, Forms, ... Income of a company or trust derived from mining operations ... Rate is based on tax …


Aids Levy on tax attributable to a company or trust engaged in mining operations The 3% AIDS levy does not apply to tax payable by a company or trust engaged in the business of mining. It has therefore been proposed to extend the AIDS levy to trusts or companies engaged in the business of mining with effect from 1 January 2015.


PHILLIMON MHLANGA The Zimbabwe Revenue Authority (ZIMRA) has proposed a lenient tax regime which is a departure from prevailing punitive measures as it moves to collect more revenue. The tax collecting agency proposal is now awaiting approval by the Ministry of Finance and Economic Development. The current punitive measures have seen defaulters being charged 100 percent penalties.


Every employer who pays or grants any remuneration to an employee is required to deduct Employees Tax (PAYE) and remit it to the Zimbabwe Revenue Authority (ZIMRA) within the periods given in terms of Section 73 as read with the Thirteenth Schedule of the Income Tax Act.


2.3.2 Reporting in the Mining Sector 11 2.4 ZIMRA Accountability Mechanism 11 2.5 More Education and Dissemination of Critical Information Needed 12 ... 4.1.6 Tax avoidance in the mining sector 21 4.2 Illicit Financial Outflows 22 ... Zimbabwe's Tax System: Opportunies and Threats for enhancing Development in Zimbabwe vi. Executive summary


Institutions such as ZIMRA must do more to end the secrecy in the mining sector by publicly disclosing mining tax contribution per each revenue head, mining tax contribution made by each company and per mining project where necessary as well as the cost of tax incentives.


About 3 850 former Ziscosteel workers and those of its subsidiaries, failed to get their March salaries after the Zimbabwe Revenue Authority (ZIMRA) garnisheed the former steel giant’s accounts. Government assumed Ziscosteel debts under the Debt Assumption Act in 2017 after retrenchment of all employees in 2016. Former Ziscosteel employees have been receiving part of


THE Zimbabwe Revenue Authority (Zimra) surpassed the $3,82 billion revenue collection target for 2014 despite the prevailing challenging economy with mining royalties and individual tax ...


In 2014, the mining sector was initially projected to grow by. 10.7%, largely ... power outages, obsolete equipment and inadequate funding for recapitalisation ..... payment of their tax arrears to ZIMRA has also benefited revenue collection. 122.


Jan 30, 2017· Zimra misses its 2016 revenue collection target ... Annual collections from company tax tumbled by close to 20% at the end of the year compared to the same period the previous year. Corporate income tax debt grew by more than US$276,5 million as companies struggled to meet their tax obligations to close 2016 at US$751,49 million, compared to US ...


An Analysis of SMEs’ Attitudes and Practices Toward Tax ...- zimra taxes on mining ,concerns are not registered for tax and other ...In addition, the Zimbabwe Revenue Authority (ZIMRA) ... Mining royalties 39,004,999.94 63,700,000.00 545,156 ...Zimbabwe Tax Guide 2013 - PKFZimbabwe Tax Guide 2013.


For example, Zimra can disclose mining sector performance per each revenue head corporate income tax (CIT), withholding taxes, customs duty, value-added tax (VAT), and pay as you earn (PAYE), among others. Further, disclosures can be disaggregated to show how major minerals like platinum, gold, diamonds and chrome perform per revenue head.


The ZIMRA e-services platform seeks to make it convenient, simple, safe and quick for Zimbabwean citizens and businesses to file their tax returns, make online payments and keep track of their tax transactions online and from anywhere in the world.


Oct 30, 2016· Institutions such as ZIMRA must do more to end the secrecy in the mining sector by publicly disclosing mining tax contribution per each revenue head, mining tax contribution made by each company and per mining project where necessary as well as the cost of tax incentives.


May 16, 2016· “Zimra holds the view that the tax regime for miners must be reviewed. “It continues to call on government to find a fairer way of taxing the mining sector so that the country, communities and mining companies can all benefit equitably from the finite mineral resources,” Bonyongwe said.


For example, Zimra can disclose mining sector performance per each revenue head corporate income tax (CIT), withholding taxes, customs duty, value-added tax (VAT), and pay as you earn (PAYE ...


Mining Taxation In Zimbabwe ... (PAYE) system is a method of paying Income Tax on remuneration. The mining company deducts tax from salaries or pension earnings of its employees before paying the net salary or pension. The official tax table operates on an escalating scale basis, (i.e. the higher the earnings, the greater percentage tax charged ...


Zimbabwe is a landlocked sovereign state located in southern Africa.Mineral exports, gold, agriculture, and tourism are the main foreign currency earners of Zimbabwe. Notable firms. This list includes notable companies with primary headquarters located in the country. The industry and sector follow the Industry Classification Benchmark taxonomy. Organizations which have ceased operations are ...


Individual Tax, Company Tax, VAT on imports, Customs duty, Excise duty, Carbon tax, Mining royalties and Withholding tax on Contracts surpassed set targets for the quarter. Performance of VAT on Local Sales was compromised by high VAT refunds which amounted to $94,67 million, an increase of 53,39 percent from the same period last year.


ZIMRA BLUE PRINT: Tax & Revenue Management REV 1 ZIMBABWE REVENUE AUTHORITY APPLICATION FOR REGISTRATION FORM New Registration Registration for Fiscalisation (complete part xii) Registration of Depositary (complete part xi) ... MINING AND QUARRYING Mining of coal and lignite Mining of hard coal


INCOMETAX Taxable Income of a Holder of Special Mining LeaseA holder of a special mining lease, corporate income is taxed at a special rate of 15% instead of the general tax rate of 25%.However, holders of a Special Mining Lease are liable to Additional Profits Tax (APT). The tax is payable upon attaining a formula based level of profitability.


Zimra surpasses gross revenue target | The Herald. 29 Jan 2015 , According to the latest revenue performance report issued by Zimra, the fourth quarter net collections were 10 , During the period under review individual tax, mining royalties and other taxes exceeded the target by 20.


Mining companies All capital expenditure on exploration, development, and operating incurred wholly and exclusively for mining operations is allowed in full. There is no restriction on carryover of tax losses; these can be carried forward for an indefinite period. Taxable income of a holder of special mining lease is taxed at a special rate of 15%.


Aids Levy on tax attributable to a company or trust engaged in mining operations The 3% AIDS levy is levied on tax payable by a company or trust engaged in the business of mining with effect from 1 January 2015. Tobacco levy on growers It was proposed to reduce tobacco levy from 1.5% to 0.75%, with effect from 1 January 2016.


The Zimbabwe Revenue Authority (ZIMRA) was established on 19 January 2001 as a successor organisation to the then Department of Taxes and the Department of Customs and Excise following the promulgation of the Revenue Authority Act on February 11, 2000. The Commissioner General, Gershem Pasi, was appointed on May 1, 20


All tax returns are therefore required to be completed in RTGS$.” “ZIMRA requires the submission of one tax return for the different tax types – Income Tax Act, Value added Tax Act and finance Act provide laws on requirement to pay tax in foreign currency where the income or transactions are in foreign currency.


ZIMRA’ tax revenue performance reports, therefore, must be refined to account for the cost of tax incentives. ... However, platinum produced by mining companies that do not have a Special Mining Lease Agreement remained liable to a royalty rate of 10%, as provided for in the Finance Act. In line with the principles of equity and fairness in ...


May 29, 2019· For example, Zimra can disclose mining sector performance per each revenue head corporate income tax (CIT), withholding taxes, customs duty, value-added tax (VAT), and pay as you earn (PAYE), among others. Further, disclosures can be disaggregated to show how major minerals like platinum, gold, diamonds and chrome perform per revenue head.


Also, many companies have closed and many more continue to scale down operations due to operational challenges, reducing the tax base. ZIMRA also disclosed that the tax collecting agency was concluding the implementation of its fiscalisation programme, which it started in 2010. Masaire said ZIMRA was on stage three of the project.


May 29, 2019· For example, Zimra can disclose mining sector performance per each revenue head corporate income tax (CIT), withholding taxes, customs duty, value-added tax …