Zimra Extends Tax Amnesty to June 30

HARARE – The Zimbabwe Revenue Authority (ZIMRA) has extended the Tax Amnesty window to the June 30, after the initial window expired last month, Director of finance, corporate planning and modernization, Robert Mangwiro has said.

Speaking at the second Zimbabwe Accounting Conference, Mangwiro said the payment period remains unchanged as companies are expected to pay their dues before the end of the year.

“The minister of Finance and Economic Development has agreed to extend the tax amnesty to the 30th of June, after the initial window expired last month. We urge all the companies that owe ZIMRA to come forward and take advantage of the amnesty,” he said.

Mangwiro said there has been a remarkable improvement in the number of applicants that have applied for the amnesty, from the 1471 that were recorded at the end of February. He expressed hope that the extension will allow more defaulting parties to take advantage of the reprieve.

Commissioner-General Gershem Pasi told FinX this evening that the amnesty had been extended after the authority witnessed a last minute gush of applicants towards the expiry of the window

In an interview, ICAZ President, Bothwell Nyajeka said the extension was a welcome development.

“It is a welcome development as a lot of people felt they needed more time. Although the payment deadline remains unchanged, this is a general amnesty and I believe it is only fair that we have specific dates. I am sure Zimra will be willing to discuss on a case by case basis in instances where applicants feel they do not have adequate time to settle their dues,” he said.

The tax amnesty is in terms of the Finance Act (No 2) of 2014 published on 17 October 2014 and covers tax irregularities that occurred in the period 1 February 2009 to 30 September 2014. Qualifying persons will be absolved from paying penalties, interest and prosecution for any tax irregularities that occurred during the specified period, although the principal amount remains payable. A 5% discount, credited to future tax obligations, will also be granted in respect of early payments.

According to ZIMRA, tax obligations in arrears have to date accumulated to over $1 bln, emanating from terms entered by taxpayers with the tax body.

Advertisements

What do you think? What strategies do you, or your company, use to manage the risk of fraud and error in your organisation? Are you primarily proactive or reactive in your approach to risk management? Share your experience in the Comment box below.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s