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DON’T FORGET TO UPDATE YOUR ZIMRA DETAILS

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By the BusinessLink team

The Zimbabwe Revenue Authority upgraded its SAP IT system at the beginning of the year. As a result they require every taxpayer to complete the Rev1 form again so their up to date information can be recorded in the new system.

The REV1 form now requires much more information than the previous one. One curious addition is the requirement for your tax consultant to be a registered tax payer, either as an individual or as a corporate body.

The notice for re-registration was emailed at the beginning of the year, with a 31 January deadline for submission. However not everyone saw it because many taxpayers are not on the Zimra mailing list.

In order avoid delays in getting your tax refunds and also the next tax clearance in June, we advise you to complete and submit the new REV1 as soon a possible. You can download the form from the Zimra website www.zimra.co.zw, as there are no printed forms at their offices. (Cost-cutting, maybe?)

If you need any assistance with this issue, or have a question an any tax matter, the BusinessLink team we will gladly assist.

Tax deadlines to remember

It is tax season once again. The deadline for submission of income tax returns for companies, other organisations and individuals in business is Tuesday 30 April, 2013.

Since your QPDs were based on estimated income, the actual income should now be declared and any adjustments needed made for 2012.

ITF12 is the form completed by taxpayers other than those specified by the Commissioner as being on self-assessment, according to Act 23:06. Usually these are companies and individuals who are not VAT registered. A full set of financial accounts should accompany the ITF12 form.

ITF12C is for those on self- assessment, usually identified by being VAT registered. The financial accounts do not need to be submitted if you are on self-assessment, unless specifically requested to do so.

Remember, giving false information can lead to prosecution and serious penalties.

Don’t invite a tax audit!

Zimra officers have the right to investigate any suspicious tax payers. Believe me when they visit they nearly always unearth unpleasant things that will see you being fined and penalized.

The following things usually arouse their suspicion:

  • Unusually large entertainment expenses
  • Unusually low or high salaries
  • Large capital purchases with no clear explanations in the accounts notes
  •  Anything that looks abnormal.

Feedback or questions to chichonip@smebusinesslink.com

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