Business - Economic Updates - Featured - Local - 4 weeks ago

ZIMRA VAT payments deadline 25 November

The Zimbabwe Revenue Authority (ZIMRA) has reminded VAT registered operators in Categories B (returns and tax submitted by monthly) and C (returns and tax due submitted monthly) that returns and payments are due by the 25th of November 2021.

According to a circular by ZIMRA, registered operators must make sure that VAT returns should be completed in full and submitted online, through the ZIMRA e-services platform, Input Tax schedules should be attached to all the VAT returns and Value Added Withholding Tax Certificates Schedules should be attached to VAT Returns in support of the credit for VAT withheld by appointed Agents.

All VAT registered operators should fiscalise and interface through multi-currency devices to ZIMRA systems. Please note that all VAT Registered operators whose transactions result in them receiving foreign currency, should ensure that VAT is accounted for in foreign currency.

“Therefore, VAT returns for foreign currency remittances should be accompanied by the following separate schedules, input tax for transactions done in foreign currency, Input Tax for transaction done in RTGS Dollar and VAT Withholding Tax,” reads the circular.

All taxpayers are reminded to submit all outstanding returns which include Employees’ Tax or Pay As You Earn (PAYE) Remittances – [P2 Remittance Advice Form], Withholding Taxes /Royalties Returns – [REV5 Form], Intermediate Money Transfer Tax (IMTT) – [REV5B Form], Income Tax returns (ITF12C PAYMENTS).

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