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04 April 2018 Zimbabwe announces tax amnesty program Zimbabwe's Finance (No. 1) Act, 2018, promulgated and gazetted on 15 March 2018, announced a new tax amnesty program (the Amnesty). The Amnesty applies to interest and penalties on unpaid covered taxes and non-compliance relating to taxes that became due and payable before 1 December 2017. The Amnesty does not extend to the principal amount of any covered tax due and payable. The Amnesty precludes the imposition of administrative, civil or any other penalties with respect to any covered tax included in the approved Amnesty application. Covered taxes comprise any tax or duty administered by the Zimbabwe Revenue Authority (Zimra) and includes Income Tax, Capital Gains Tax, Customs and Excise Duties, Value Added Tax and Stamp Duties. A single Amnesty application form is to be submitted by each applicant to Zimra in the required format before 30 June 2018, disclosing unpaid tax(es) with any relevant supporting documents and full disclosure of all tax irregularities relating to the covered taxes. The Amnesty application form includes a payment plan in which the applicant agrees to pay the total outstanding covered taxes in monthly installments commencing from January 2018 or the approved date of the application (the amended payment plan). The applicant is required to complete a declaration on the Amnesty application form to the effect that the information provided is correct and complete and the total amount of unpaid covered tax on the payment plan will be paid by 30 June 2018. Zimra is required to accept (or reject the application with reasons) within 10 days of receipt and amend or reject the payment plan submitted by the applicant. The total amount due will be payable by 30 June 2018 as specified in the approved payment plan. In the event of default the total outstanding amount becomes due and payable. The Amnesty is withdrawn and nullified if the applicant makes any false declaration in applying for the Amnesty or fails to pay the covered tax liabilities in full by the due dates set out in the approved payment plan.
Document ID: 2018-5499 |
