The tax law requires records to be kept for 6 years. This is simple for income tax purposes because income tax returns have to be filed each year. Besides this, the records are dealt within a business set up. Under the Capital Gains Tax Act, record keeping is more problematic due to the fact that the disposals are infrequent and also because there could be a significant delay between the date the expenditure was incurred and the date of sale of the property. Another problem is that proprieties ...
Directors of liquidated companies made liable for tax debts
Background In terms of the company law, limited companies are legal personas separate from the natural persons who create them. This means they can be owed or owe, sue or be sued in their personal capacities. In so far as the claim is made against a company the shareholder or director’s loss is limited to his /her capital contribution. Creditors cannot therefore attach personal assets of the director or shareholder unless the creditor has suffered the loss through fraud or act of misrepresent ...
Exporters should take advantage of income tax incentives
Introduction Most Zimbabwean businesses that venture into export markets often encounter many costs and hassles which sometimes act as barriers to entry into export markets. Such costs or factors often include distance; different social and economic conditions and different national and foreign government regulations amongst others. The decision to enter an export market must therefore be taken after a close and careful examination of the opportunities available and the challenges involved. H ...