ZIMRA to Audit 'Rich' Citizens
ZIMRA demands that individuals who own homes, private jets, and luxury vehicles worth over US$100,000 to declare their assets and pay the requisite levies within 30 days..
ZIMRA to Audit ‘Rich' Citizens
The Zimbabwe Revenue Authority (ZIMRA) has announced a 30-day voluntary disclosure offer for owners of private jets, expensive homes, and luxury vehicles.
This initiative allows individuals to evaluate their tax compliance status and voluntarily declare any income that may have been omitted from their tax returns.
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Failure to comply with this voluntary disclosure may result in penalties and legal consequences.
ZIMRA has opened a window for the next 30 days to allow individuals who own homes, private jets, and luxury vehicles worth over US$100,000 to declare their assets and pay the requisite levies.
The voluntary disclosure offer is open to various categories of individuals, including those who have constructed houses worth US$100,000 or more, traded in gold or other minerals, own luxury vehicles worth US$150,000 or more, own or lease private jets, and more.
The voluntary disclosure applies to any income earned through business or trade that is subject to tax.
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.
Any persons in the following categories are encouraged to take advantage of this opportunity; any persons who have constructed houses that cost US$100,000 or more; any persons who have traded or are trading in gold or other minerals; luxury vehicle owners worth US$150,000 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 US$100,000 or more…
ZIMRA to Audit ‘Rich' Citizens
ZIMRA encourages all individuals falling under the specified categories to take advantage of this opportunity to voluntarily disclose any tax obligations they may not have complied with.
By making a true and full voluntary disclosure, individuals can avoid triggering an audit, and the commissioner will give due consideration to penalties if complete declarations are made.
