Zimra encourages voluntary disclosure

Owners of private jets, luxury vehicles worth US$150 000 or more and persons who have constructed houses that cost US$100 000 have been granted a 30-day voluntary tax disclosure opportunity by the Zimbabwe Revenue Authority (Zimra).

The tax collector said the intention is to encourage voluntary compliance and business operations or social life to continue normally.

“The Zimbabwe Revenue Authority (ZIMRA) encourages all persons to review their business or personal affairs and make voluntary disclosures where there is any income omitted from tax returns submitted or where there are any tax obligations that the taxpayer may not have complied with,” it said in a notice.

According to the notice issued on August 31, Zimra says any persons who have constructed houses that cost US$100 000 or more, any persons who have traded or are trading in gold or other minerals, and luxury vehicle owners worth US$150 000 or more should comply.

It added that owners of private jets or lessors of private jets, middlemen or agents of goods manufactured in Zimbabwe, transport operators and taxi operators and any persons or companies who have constructed buildings with a value of US$100 000 or more are covered under a voluntary tax disclosure platform.

“It is a requirement that any person should ensure that if they earned any income, through business/trade, which is subject to tax the tax should be paid,” Zimra said.

Requirements for voluntary disclosure include providing schedules detailing the outstanding taxes, completing the outstanding returns, paying the tax due or engaging Zimra for arrangements to pay the tax due.

Zimra noted that interest shall be charged to the extent provided in the law.

“The commissioner shall give due consideration to penalties liable where full and complete declarations are made.

“The submission of a true and full voluntary disclosure shall not trigger an audit.

“This window shall expire within 30 days from the date of publication. Any cases of non-compliance that may be established thereafter shall be treated based on the full tenets of the law.”