All persons carrying out business in Zimbabwe are required by law to furnish returns and information. They are also obliged to keep and maintain records of business transactions and proper books of accounts. The returns, information, records of business transactions and books of accounts should be in English unless dispensation to the contrary has been granted by the courts or the Commissioner.
These records may include but not limited to; Books of accounts ledgers, cash books, journals, paid cheques payroll schedules and employee information, bank statements and deposit slips, stock sheets, invoices, credit notes, debit notes, computer records, bills of entry, consignment notes, and all other books of account relating to any trade.
Taxpayers are required to observe the following:
- All business records and books of accounts be prepared and kept in the English language.
- All business records and books of accounts be kept for a minimum period of six (6) years.
- All business records and books of accounts be open and available for inspection by a ZIMRA officer as may be required
- All business records and books of accounts be available for retrieval, in the original form or copied, by a ZIMRA officer as may be required.
- Where the records and books of accounts are kept on a computer, the officer should have access to them for inspection and/or retrieval from such computer or other computer-related gadgets or media.
- Please be advised that any person shall be guilty of an offence and liable to a fine not exceeding level seven or to imprisonment for a period not exceeding three months or to both such fine and such imprisonment If the person:
- Fails or neglects to furnish, file or submit any return or document required by the Commissioner
- Refuses or neglects to furnish any information, reply to, attend to and give evidence as and when required by the Commissioner or any officer duly authorized by him,
Legal Provision to furnish returns and Information
- Section 39 of the Income Tax Act [Chapter 23:06]
- Section 59 of the VAT Act [Chapter 23:12]
- Section 223 of the Customs and Excise Act [Chapter 23:02]
Legal Provision to keep records
- Section 37B of the Income Tax Act [Chapter 23:06]
- Section 57 of the VAT Act [Chapter 23:12]
- Section 223 of the Customs and Excise Act [Chapter 23:02]
My Taxes, My Duties: Building my Zimbabwe!!
Disclaimer
This article was compiled by the Zimbabwe Revenue Authority for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.