Zimbabwe first introduced transfer pricing provisions into law in 2016 by amending the Income Tax Act [Chapter 23:06] (“Income Tax Act”).
Our tax lawyers in Zimbabwe provide the full range of tax services that address the complex challenges of international commerce and business operations as well as managing and resolving tax disputes.
Companies operating in the global economy experience complex tax issues, both in their home country and in the jurisdictions in which they do business; this requires a coordinated global delivery of services incorporating both knowledge of national legislation, including tax treaties, as well as the appropriate international perspective.
We provide these international tax services while at the same time offering clients the benefits of the attorney-client and work-product privileges.
Experience has included advising:
- A private equity fund operating across four jurisdictions on tax structuring.
- A property developer regarding VAT, Capital Gains Tax and structuring for tax purposes.
- An importer with tax advice on importing products from four different ports of entry.
- A foreign client regarding VAT on imported services and assisting in obtaining VAT exemptions for a project of national importance.
- A corporate client with tax advice regarding a complex property transaction.
- A client regarding restrictions on tax, investments and distributions, debt and equity investments
- Clients with obtaining capital gains tax clearance, as well as capital gains tax exemptions in terms of the Capital Gains Tax Act.
- A client with obtaining value added tax zero-rating status in terms of the Value Added Tax Act in the context of the sale of a business as a going concern.
- Entities in respect of fiscal incentives for National Project Status.
- A global entity regarding the liability of directors and officers of a company with respect to tax obligations of the company in Zimbabwe.
The proposed amendments to the Finance Act [Chapter 23:04] are contained in the Finance Bill, 2019 (the “Finance Bill”), and, if approved by Parliament, will give effect to certain fiscal measures mentioned by the Minister of Finance and Economic Development in the National Budget Statement delivered on the 22nd of November 2018.
We often read from the press that the Zimbabwe Revenue Authority (“ZIMRA”) has “garnished” a person’s bank account. This article explains what it means for a bank account to be garnished and under what circumstances ZIMRA does this.
A company is considered a “person” for tax purposes. Accordingly, the company incurs its own tax liability and is responsible for settling the liability.
The Monetary Policy Statement (the “MPS”) was presented by the Governor of the Reserve Bank of Zimbabwe (the “Bank”), Dr. John Mangudya (the “Governor”), on Wednesday, 20th of February 2019.