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Question Of The Day

Question

As a new trader what are my obligations to ZIMRA

Answer

After registration is approved, the taxpayer is allocated a Taxpayer Identification Number (TIN) and the tax types registered for

You have to register with ZIMRA within 30 days after starting the business.  Registration is done online via TaRMS Self Services Portal https:www/mytaxes.zimra.co.zw.

Submission of returns and payment of taxes due on time

Any person who trades in taxable supplies and whose annual taxable turnover exceeds or is likely to exceed US$25,000.00 or ZWG equivalent must apply to register for VAT on Form REV 1.

 Submission of returns and payment of the tax due on time

Every business person who becomes an employer is required to apply to the Commissioner General for registration within 14 days of becoming an employer.

You are required to keep reasonable and proper records and books of accounts for all and all other documents required to be accounted for in terms of the various Acts administered by ZIMRA. Retain all records for at least six (6) years.

 

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