Accountancy Profession Regulator Offers Discounted US Dollar Payments For Licence Renewal Fees {Full Text}
The Public Accountants and Auditors Board (PAAB), the statutory regulator for the accountancy profession under the Ministry of Finance, is offering discounted renewal licence fees for firms paying in US dollars.
In a notice to firms on the expiry of all firm licences on 30 June 2020, PAAB said the renewal fee is ZWL$40 000 or “only” US$500 in foreign currency.
Below is the notice sent to firms:
Kindly be advised that all firm licences will expire on 30 June 2020. You are therefore being advised to kindly facilitate for the renewal of your license covering the period 1 July 2020 to 30 June 2021.
The firm renewal process is as detailed below:
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- Completion of an annual return form by all partners in the firm (annual return for practitioners form attached);
- Completion of a firm update form (attached) that captures the details of all partners in the firm; and
- Copy of proof of payment of firm registration renewal fee of ZWL$40,000 (valid until 12 June 2020).
In line with the RBZ position, firms that opt to pay in USD will pay a discounted amount of US$500. Invoices will be issued upon receipt of proof of payment.
The following documents are required on submission of completed annual return forms by all partners:
- Confirmation of good standing;
- A schedule of all the partners; and
- Copy of proof of payment of the firm registration renewal fee.
Failure to renew the licence on or before 1 July 2020 will result in the firm registration licence being cancelled.
A firm whose registration has been cancelled may apply for its registration to be restored, and the process shall be as if it were applying for registration for the first time.
Kindly note that if you have received this email, your firm has an active status on the PAAB’s database of registered firms and you are required to submit the annual return and your client list with details as indicated on page 5 of the Annual Return form.
As a precaution against COVID-19, we encourage you to scan all documents and submit via email.
Please deposit the firm license renewal fee into the relevant PAAB bank accounts below:
US$ Payments
- Account Name
- Public Accountants and Auditors Board
- Bank
- Standard Chartered Bank
- Branch
- Avondale
- Account Number
- 8740408495000
- Account Type
- Call Deposit-Domestic Nostro All Businesses
- Swift Code
- SCBLZWHXXXX
ZWL$ Payments
-
Account Name
-
Public Accountants and Auditors Board
-
Bank
-
Standard Chartered Bank
-
Branch
-
Avondale
-
Account Number
-
0100208495000
-
Account Type
-
Current Account-Special
-
Swift Code
-
SCBLZWHXXXX
