Be tax compliant, businesses told

Judith Phiri, Business Reporter

THE Finmas Business Consultancy has called on businesses to be tax-compliant and regularise their operations, to avoid being caught on the wrong side of the law.

Speaking at a 2023 Clients Appreciation event last week, the firm’s director, Mr Shepard Masvanhise said compliance was critical for every business.

“One of the best ways of ensuring success and continuity in any business is to ensure that all statutory obligations are met in time. When you are about to start new business ventures, be aware of the basic requirements relating to tax and customs legislation. A business begins by identifying the legal framework relevant to the objectives of your operations. A starting point is to follow the rules and regulations outlined by the authorities.”

He said as an accounting consultancy they did not aspire to be bush accountants, submit returns that are not in line with what transpired in the course of the period or panel beat figures as these would affect businesses from growing.

Mr Masvanhise said in order to assist businesses they have to be accountable and ensure they provide factual as well as undistorted information.

“We want to submit your income tax as it is supposed to be, we do not want to submit figures that are not correct. Imagine having the Zimbabwe Revenue Authority (Zimra) or other authorities questioning your documentation that something is not adding up? We do not want that, not being compliant also has disadvantages that include failure to bid for tenders or get financial assistance from banks among other things. If we all become tax complaint we positively contribute to the national development of our country,” he said.

The company also awarded some of the clients with the best referrals. The overall winner was Hayruneesah while the first runner-up was Leerite and the second runner-up Secrite.

In the early submission of records category, the winner was Nice Spark with Montburg the first runner-up and Sweetsirfing the second runner up.

The winner for prompt payment of accounting fees was Great Moving Power, followed by Heartake as first runner-up and Celestial Empire as second runner-up.

The event ran under the theme: “Running a successful business anchored upon good corporate governance.”