In terms of the 2023 Budget statement there was an emphasis on the obligation of taxpayers to register with the Zimbabwe Revenue Authority (ZIMRA) for tax purposes. All taxpayers are mandated to register with ZIMRA within 30 days of being incorporated. This is in terms of the Income tax Act and failure to comply with this provision attracts a penalty of USD $30 per day. This means that for each day that a taxpayer was supposed to be registered but failed to do so, a penalty automatically becomes due and payable at a rate of USD$30 per day.
Tax registration is therefore an important facet of operating a business legally in Zimbabwe. Registration with the Zimbabwe Revenue Authority is very easy when you are working with the right people. At Sabarm Business Solutions the process is made very convenient and efficient and immediately after registration we also offer post tax registration support services where we offer companies tax services such as tax planning, tax computations, tax return preparation, tax return submission, tax clearance generation, tax clearance renewal as well as tax audits and other tax services.
It is mandatory for all companies to register for tax and failure to do so means that the business is in breach of the law incurring penalties each day it is in breach. However these penalties are totally avoidable by just complying with the law.