ZIMRA: Tax Defaulters Face Penalties, Prosecution

The Zimbabwe Revenue Authority (ZIMRA) has warned traders who are falsifying their financial records to evade tax, that they risk vigorous audits, penalties and prosecution.

In a statement on Thursday, the taxman urged all traders to make voluntary disclosures of all under-declarations or non-payment of tax by December 31. Read the statement:

The Zimbabwe Revenue Authority has noted with concern that there are traders who are falsifying their financial records.

ZIMRA is, therefore, urging all traders to come forth and make voluntary disclosures of all under-declared or non-payment of tax by 31 December 2021 to avoid vigorous audits, prosecution and penalties that will be instituted soon after the deadline.

The tax collector said it had conducted audits, which revealed that some businesses are selling goods and services in foreign currency, but are converting these transactions to the local currency for tax purposes.

More: The Sunday Mail