{"id":17972,"date":"2020-01-12T18:35:23","date_gmt":"2020-01-12T16:35:23","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=17972"},"modified":"2020-01-12T18:35:23","modified_gmt":"2020-01-12T16:35:23","slug":"zimra-rakes-60m-from-vendors","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimra-rakes-60m-from-vendors","title":{"rendered":"Zimra rakes $60m from vendors"},"content":{"rendered":"<p>ABOUT 16 000 Small to Medium Enterprises (SMEs) registered to formalise operations of their businesses last year with the Zimbabwe Revenue Authority (<a href=\"https:\/\/www.zimra.co.zw\/\">Zimra<\/a>) raking about $60 million from the new registrants in the process.<\/p>\n<p>According to information obtained by Sunday News Business the number of registered taxpayers increased by 61 252 from 2017 to last year with the revenue collection body collecting a total of $118 274 233,24 in taxes in the three years.<\/p>\n<p>Last year registered taxpayers increased by 15 664 and $57 305 840,51 was collected in tax revenue from new registrants.<\/p>\n<p>Zimra head of corporate communications Mr Francis Chimanda expressed satisfaction at the rate at which SMEs were formalising operations of their businesses over the past few years.<\/p>\n<p>\u201cZimra is satisfied with the rate at which SMEs are formalising their operations. Stakeholder workshops were held to educate them. We are in the process of fiscalising the sector and the process is under review to tap on more SMEs to account real time,\u201d he said.<\/p>\n<p>Zimra has been carrying out door-to-door visits checking on compliance as well as issuance of conditional tax clearances to enforce payments as part of its efforts to collect revenue from SMEs.<\/p>\n<p>\u201cVarious revenue enhancement measures were carried out by the division during the year. These include projects on lawyers, doctors, medical suppliers, hardware shops, presumptive tax, follow-ups on debtors, rentals and non- filers among others,\u201d said Mr Chimanda.<\/p>\n<p>In 2017, Government approved the formalisation of SMEs at a time when Zim\u00adbabwe\u2019s tax base started shrink\u00ading as com\u00adpa\u00adnies either down\u00adsized or closed shop, with the SMEs sec\u00adtor tak\u00ading over as the coun\u00adtry\u2019s big\u00adgest em\u00adployer.<\/p>\n<p>SMEs reg\u00adis\u00adtered for in\u00adcome tax pur\u00adposes with Zimra are el\u00adi\u00adgi\u00adble for ap\u00adpli\u00adca\u00adble de\u00adduc\u00adtions pro\u00advided for in the In\u00adcome Tax Act in re\u00adspect of ex\u00adpen\u00addi\u00adture re\u00adlated to their op\u00ader\u00ada\u00adtions.<\/p>\n<p>However, Bulawayo Chamber of SMEs chairperson Mr Energy Majazi said he was not satisfied with the number of SMEs that have formalised operations of their businesses citing that most of them view pay\u00ading tax as an un\u00adwanted cost to busi\u00adness rather than a nor\u00admal busi\u00adness prac\u00adtice.<\/p>\n<p>\u201cI\u2019m not satisfied by the way SMEs are formalising their business and the major issue has been the lack of resources and many SMEs fear the fact that once you formalise you are counted in the Zimbabwe taxation system and many SMEs are not knowledgeable on how the system works . . . ,\u201d he said<\/p>\n<p>Taxes ap\u00adpli\u00adca\u00adble to SMEs in\u00adclude pre\u00adsump\u00adtive tax, in\u00adcome tax, value added tax, pay as you earn and with\u00adhold\u00ading tax.<\/p>\n<p>SMEs have become an integral part of the economy, and their contribution to the country\u2019s Gross Domestic Product has been growing over the years but Zimra has largely been unable to tap into the fast-growing sector.<\/p>\n<p>Zimra has also been able to augment revenue collections from the formal sector over the years through rolling out its fiscalisation project, in which businesses have to use fiscal tax registers that capture financial information and relays it in real time to tax authorities.<\/p>\n<p>\u201cTo date 10 735 clients have been fiscalised. Zimra is focusing on VAT registered Taxpayers for fiscalisation. Each year new taxpayers qualify for fiscalisation as they meet VAT thresholds. Zimra is satisfied with progress and reviewing the process in order to expand it,\u201d said Mr Chimanda.<\/p>\n<p>He, however, said foreign currency shortages for the procurement of the electronic fis\u00adcalised cash reg\u00adis\u00adters and fis\u00adcal mem\u00adory de\u00advices was hampering the fiscalisation project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ABOUT 16 000 Small to Medium Enterprises (SMEs) registered to formalise operations of their businesses last year with the Zimbabwe Revenue Authority (Zimra) raking about $60 million from the new registrants in the process. According to information obtained by Sunday News Business the number of registered taxpayers increased by 61 252 from 2017 to last [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":14676,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1251,725],"class_list":{"0":"post-17972","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-income-tax","10":"tag-zimra"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zimra rakes $60m from vendors - zimbabwe<\/title>\n<meta name=\"description\" content=\"ABOUT 16 000 Small to Medium Enterprises (SMEs) registered to formalise operations of their businesses last year with the Zimbabwe Revenue Authority\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimra-rakes-60m-from-vendors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimra rakes $60m from vendors\" \/>\n<meta property=\"og:description\" content=\"ABOUT 16 000 Small to Medium Enterprises (SMEs) registered to formalise operations of their businesses last year with the Zimbabwe Revenue Authority\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimra-rakes-60m-from-vendors\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-12T16:35:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/2019\/10\/zimra-taxes.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"739\" \/>\n\t<meta property=\"og:image:height\" content=\"372\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimra-rakes-60m-from-vendors\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimra-rakes-60m-from-vendors\",\"name\":\"Zimra rakes $60m from vendors - 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