• The margin of variance should not be more than 10% of the tax payable when calculating the final Income Tax due for the year.

  • Yes, adjustments can be made every quarter. Any underpayment of QPDs must be corrected as soon as it is realised during the course of the year in order avoid accumulating interest.

  • Yes, a garnish order may be placed on the taxpayer’s bank accounts as well as with the taxpayer’s debtors.

  • . Registration must be done in TaRMS

    • Taxpayer profile > Tax Type > New Tax Type - select VAT

    • Select Local / Export Sales i.e. this is the most common

    • Effective Date of Registration(The first day of the next month after reaching of threshold)

    • Select Compulsory Registration (If the threshold has already been met) or Voluntary Registration (If the threshold is yet to be met)

    • Taxable Turnover (total turnover in USD for the past 12 months)

    • Put nil i.e. zero (0) on the other fields like exempt turnover, the value of exports or imports, if not applicable

    • Preferred Tax Period (If classified D) - Select not applicable

    • Select Assets the company has and put their values.

    • If it’s Compulsory Registration Input “sales schedule for the past 12 months” in US$ on the system platform.

    • If it’s Voluntary Registration Input “sales schedule for the next 12 months”in US$ on the system platform

    • Attach All the above-mentioned documents where the page says “Attach file”

    Upon registration, every registered operator will be issued with a certificate of registration and such certificate shall be displayed prominently. This will allow for easy identification of traders registered for VAT.

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      complete and submit VAT  returns as per requirement

      calculate and remit the correct VAT due to the Commissioner General of ZIMRA on or before the due date

      issue tax/fiscal  invoices, debit notes or credit notes

      Account for VAT if one sells or retains stock or assets.

      Advise the Commissioner General of any changes in business details or when one ceases trade.

      keep accounting records for at least six years after the tax period to which they relate

       Acquire fiscal devices and fiscalise operations.