Trending

What does Zimra stand for?

What does Zimra stand for?

The Zimbabwe Revenue Authority
The Zimbabwe Revenue Authority, or ZIMRA, is the body responsible for collecting taxes and other revenue streams for the government in Zimbabwe. It derives its mandate from the Revenue Authority Act, passed by the parliament of Zimbabwe in 2002 and other related legislation.

When was Zimra formed?

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.

Who is the head of Zimra?

Executive Management

Rameck Masaire Acting Commissioner General
Patrick Mwashita Director : Infrastrucure Development Cynthia T Mugwira Director : Legal Services
Blessing Shumbamhini Director : Internal Audit Joey Shumbamhini Director: Research Strategy and Innovation

How is VAT calculated in Zimra?

Adding VAT formula If you want to add VAT to the price, you just need to divide the price by 100 and then multiply by (100 + VAT rate). That’s all, you got the price including VAT – Gross price.

What tax is paid when a house is sold?

capital gains tax
If you buy a home and a dramatic rise in value causes you to sell it a year later, you would be required to pay capital gains tax. If you’ve owned your home for at least two years and meet the primary residence rules, you may owe tax on the profit if it exceeds IRS thresholds.

How do I pay Zimra?

Make use of the digital platforms at the following banks to settle your ZIMRA obligations:

  1. Agribank.
  2. CBZ Bank.
  3. Ecobank.
  4. FBC Bank.
  5. First Capital Bank.
  6. Nedbank.
  7. NMB Bank.
  8. Stanbic Bank.

Who is Zimra Commissioner?

Happias Kuzvinzwa – Acting Commissioner General – Zimbabwe Revenue Authority – ZIMRA | LinkedIn.

How is PAYE Zimra calculated?

PAYE is calculated as follows: Determine gross income for the day/week/month/year. Deduct exempt income, for instance bonus as per limit in the Act, you get => Income. Deduct allowable deductions, e.g. pensions, you get => Taxable Income.

What is the purpose of VAT?

VAT is a form of consumption tax – that is a tax applied to purchases of goods or services and other ‘taxable supplies’. For a business, VAT plays an important role and can be charged on a range of your goods and services. Charities will have different rules governing their VAT.

How do I get a tax clearance from Zimra?

After registration logon to the ZIMRA e services portal and apply for a tax clearance by following the procedure below:

  1. Click on “MANAGE SERVICES” and select “SUBMISSIONS”
  2. Select “General Tax Clearance” and Click on “Submit”
  3. Go to “My History”, select “My Submissions” and check status.

What is a Rev 1 form?

REV 1. ZIMBABWE REVENUE AUTHORITY. APPLICATION FOR NEW REGISTRATION FORM. PART [I] NATURE OF APPLICANT.

What do you need to know about Zimra?

Fiscalisation is the recording of transactions for Value Added Tax (VAT) purposes using electronic fiscal gadgets. The… The Zimbabwe Revenue Authority (ZIMRA) Research and Development Section led by the Director Strategy, Research and…

Why do we celebrate Zim asset day in Zimbabwe?

The commemorations are meant to reinforce a culture of voluntary compliance within Zimbabwe in line with the country’s economic blueprint, the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset). The day is an acknowledgement of the importance of complying with fiscal legislation for the development and dignity of Zimbabwe

What is the mandate of the Revenue Authority of Zimbabwe?

The Zimbabwe Revenue Authority derives its mandate from the Revenue Authority Act [Chapter 23:11] and other subsidiary legislation. Collect revenue. Facilitate trade and travel. Advise Government on fiscal and economic matters. Protect civil society.

What does fiscalisation and interfacing mean in Zimbabwe?

WHAT IS FISCALISATION AND INTERFACING? Fiscalisation is the recording of transactions for Value Added Tax (VAT) purposes using electronic fiscal gadgets. The… The Zimbabwe Revenue Authority (ZIMRA) Research and Development Section led by the Director Strategy, Research and…