Zimra on a blitz for voluntary disclosure of luxury assets
Harare (New Ziana) – The Zimbabwe Revenue Authority (Zimra) on Tuesday said it had begun a 30- day voluntary tax blitz targeting private jet and luxury vehicle owners.
In a notice, Zimra said persons who own houses, private jets and luxury vehicles worth over US$100k should declare to the tax collector to facilitate their payment of the requisite taxes.
“The Zimbabwe Revenue Authority (ZIMRA) encourages all persons to review their business or personal affairs and make voluntary disclosures where there is any income omitted from tax returns submitted or where there are any tax obligations that the taxpayer may not have complied with. The intention is to encourage voluntary compliance and business operations or social life to continue normally,” it said.
“Any persons in the following categories are encouraged to take advantage of this opportunity, any persons who have constructed houses that cost USD100,000 or more; Any persons who have traded or are trading in gold or other minerals; luxury vehicle owners worth USD150,000 or more); Owners of private jets or lessors of private jets; Middlemen or agents of goods manufactured in Zimbabwe; Transport operators and taxi operators ) Any persons or Companies who have constructed buildings with a value of USD 100,000 or more.
“It is a requirement that any person should ensure that if they earned any income, through business/trade, which is subject to tax the tax should be paid,” said Zimra.
The authority said taxes such as value added tax, income tax and pay as you earn will be applied on the luxury items.
“The commissioner shall give due consideration to penalties liable where full and complete declarations are made. The submission of a true and full voluntary disclosure shall not trigger an audit. This window shall expire within 30 days from the date of publication. Any cases of non-compliance that may be established thereafter shall be treated based on the full tenets of the law,” it said.
“Voluntary disclosure applications must be submitted at the nearest ZIMRA Office for processing,” said the tax collector.