Zimra Starts Collecting Tax In Foreign Currency From Companies
Zimbabwe Revenue Authority (Zimra) Commissioner General Ms Faith Mazani told The Herald they have started collecting taxes, especially Value Added Tax (VAT) and Pay-As-You-Earn (PAYE) in foreign currency from companies that collect payments in that currency.
This comes after Government directed Zimra to start collecting VAT and PAYE in foreign currency from companies that collect revenue in foreign currency towards the end of November. Said Mazani:
Yes, people have started paying taxes in foreign currency. I don’t have numbers as yet and would need to check with accounts, but we have started collecting and Ministry (of Finance and Economic Development) has asked us to open a separate account for forex tax payments, which we have.
Mazani said Zimra is finding it difficult to tax those in the informal sector who charge in foreign currency since they use cash.