Payment of taxes in foreign currency has been part of our law from as far back as February 2009 since the country’s adoption of the multi-currency system. It was never a topical issue until 2018 when the local currency was introduced and bank accounts were separated into RTGS FCA and Nostro FCA. From 2018 to date, it has been a roller-coaster ride for tax payers. The situation was further complicated in June 2019 by the phasing out of the multi-currency system with the introduction of use ...
Covid-19 implications on tax treaties
The COVID-19 restrictions affect many people and businesses and could raise tax issues, especially in cross-border situations where employees are unable to physically perform their duties in their country of employment. These issues may have an impact on double taxation agreements. Recognizing this, the Organisation for Economic Cooperation and Development (OECD) Secretariat has issued guidance on several tax issues arising from the COVID-19 crisis. In general, a state cannot tax profits of a ...
Are you ready for first time submission of transfer pricing returns
MNEs and companies with associate transactions will be required for the first time in Zimbabwe to file Transfer Pricing returns. Disclosure is also required when taxpayer has transactions with tax havens i.e. low tax jurisdiction countries. The return is to be filed at the same time with the Income Tax Return (ITF12C) on the 31st of August 2020, being the new submission date for 2019 income tax returns following an extension granted by the government owing to COVID 19. The ZIMRA an ...