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The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, has said companies should pay Corporate Income Tax in proportion to the currency used for trade.
In a statement issued this Wednesday, June 19, on the payment of the 2024 second quarter corporate income tax, Ncube said if a company exclusively transacts in local currency, tax shall accordingly be paid in local currency (ZIG). Reads the statement:
<blockquote>
PAYMENT OF SECOND QUARTER CORPORATE INCOME TAX
The Zimbabwean economy has demonstrated relative stability in recent months following the presentation of the Monetary Policy Statement by the Reserve Bank Governor on 5 April 2024 and the successful transition from the Zimbabwe Dollar to the Zimbabwe Gold (ZIG).
The more stable economic environment ushered in by the new Zimbabwe Gold currency has had a positive impact on the economy. Government is pleased by the acceptance of the same by economic agents and the general public.
Against this background, coupled with the need to maintain this positive economic trajectory, Treasury is stepping up to complement the Fiscal and Monetary Policy Framework aimed at further anchoring the currency, exchange rate and price stability.
I therefore wish to advise that Treasury is currently working on a comprehensive review of the Framework of Tax Payments to:
<ul>
<li>Ensure a seamless transition from exclusive payment of taxes in the currency of trade to local currency:</li>
<li>Re-align the legislative requirements, in particular, where the currency of trade is specified in Principal Legislation;</li>
<li>Set the current ratios of transactions in local and foreign currency, and, Minimise economic shocks associated with abrupt policy changes.</li>
</ul>
Cognisant of the above, I wish to advise that payment of Corporate Income Tax should be guided by the provisions of Section 4A of the Finance Act (Cap. 23:04], which provides for payment of tax in the equivalent proportion of the currency of trade.
For example, if a company exclusively transacts in local currency, tax shall accordingly be paid in local currency (ZIG).
Similarly, where a corporate transacts in the ratio of 60%-40%, that is, local and foreign currency respectively, Corporate Income Tax should, accordingly, be accounted in the same ratio.
However, notwithstanding the current legislative provisions, Treasury authority is hereby granted for corporates to account for the 2024 Second Quarter Corporate Income Tax obligations in both local and foreign currency on a 50:50 basis.
Corporates that have already paid tax for the 2 Quarter, in accordance with the current legal provisions are advised that the Commissioner General of the Zimbabwe Revenue Authority is hereby authorised to manage such transactions on an administrative basis as guided by the law.
I am also pleased to advise that business and the general public have the option to pay Government fees and charges in local currency, unless where specified to the contrary.
Additionally, customs duty on imported goods is payable in local currency, except for designated foreign currency dutiable non-essential or luxury products.
As part of the comprehensive review of the Framework of Tax Payments, Treasury will, in due course, specify the taxes which will exclusively be payable in local currency, and the necessary supportive legislation, with the requisite approval by Parliament.
</blockquote>
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