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Question Of The Day

Question

What type of taxes are payable to ZIMRA

Answer

The following are some of the types of tax that are payable  to ZIMRA

  • Income tax – tax levied on business income for individuals or companies or any other entities and it varies with their respective income or profits (taxable income).
  • PAYE (Employee tax)- a withholding tax charged on salaries ( income) payable to employees.  
  • Value Added Tax- is an indirect tax on consumption, charged on the supply of taxable goods and services. It is levied on transactions rather than directly on income or profit, and is also levied on the importation of goods and services.
  • Presumptive tax (informal trader’s tax) – fixed rate of tax chargeable to selected sectors within the economy such as hair salons, bottle store owners etc.
  • Capital Gains Tax- paid when a person/ company sells an immovable property or marketable securities.
  • Withholding taxes- paid by the payer and may or may not be a final tax.

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