Blog #Zimra

Welcome to Zimbabwe, where policies change overnight but don't worry that's why we are here to summarise and deliver it in a more easily digestable way. Zimbabwe’s Capital Gains Tax system has come under renewed attention after Treasury directed the Zimbabwe Revenue Authority (ZIMRA) to align its tax collection practices with the intended policy following inconsistencies in the country’s tax legislation. For property owners, investors, companies and financial advisers, the issue is more than a technical legal matter. Capital Gains Tax can have a significant impact on the amount a seller ultimately receives from the disposal of an asset. For a tax system to work effectively, policy decisions have to be translated into legislation with enough precision that taxpayers, advisers and administrators can understand exactly what is required. So whats new?

Ever since the modern day AI got on the scene, it has been impacting almost every aspect of our lives and in business, from finance to the health sector. Some companies have even gone as far as replacing some jobs with AI in a frightening reality check of the future awaiting humanity of a world run by AI. In the latest series of AI driven events, Zimbabwe Revenue Authority (Zimra) is adopting artificial intelligence (AI) in its new five-year strategy to transform tax administration, integrate the informal sector and raise the country’s tax-to-GDP [gross domestic product] ratio to US$11,5 billion by 2030. Here is all you need to know.

Fraudulent documents are now the theme of the day from fake academic certificates to fake licenses now the ZIMRA Tax Clearance is now being faked. So why does this matter to you?, well a Tax Clearance certificate is something that you need to have when you are running a business whether small or big or if you want to buy or sell properties, it’s an important document but if you are caught with a fake document you risk jail time whether you unknowingly secured it so it’s always best to know what to look out for. Zimbabweans are being advised to verify all Capital Gains Tax (CGT) Clearance Certificates before using them in any legal or property transaction.