Mishma Chakanyuka, Staff Writer 
BAKER TILLY Central Africa has expressed concerns about delays in the publication of exchange rates to be used for income tax returns preparation, saying this has disrupted the consistency of tax filings.
Taxpayers were initially expected to submit their income tax returns for the year ending December 31, 2023, by this Tuesday.
However, the revenue authority has now extended the deadline to May 31, 2024. “Zimra provides us with rates, which are the ones we are discussing. This year, we have not yet received the rate from Zimra, and we are uncertain if we will receive it,” Baker Tilly’s tax manager, Tapiwa Vela-Moyo, told The Financial Gazette.
He added that the delay in receiving the rate could lead to disparities and affect uniformity because everyone will be using their rates. Earlier this week, Zimra issued a public notice informing taxpayers that the submission deadline has been moved from April 30, 2024 to May 31, 2024 to facilitate a smooth filing of returns on the new tax and revenue management system (TaRMs).
Zimra stated in the notice that the Income Tax Self-Assessment Return Business for the tax year ending December 31, 2023 is now available in TaRMS SSP for submission. TaRMS is designed to rectify significant deficiencies in the current system and enhance the country’s ease of doing business.
The notice reminded all taxpayers who received or accrued income from trade and investments to submit their income tax self-assessment return for their trade, along with relevant financial statements, as per Section 37A of the Income Tax Act.
Zimra also advised dormant companies registered for tax to submit nil returns. The revenue authority suggested that taxpayers with approved accounting years other than December 31 should coordinate with their regional managers to arrange income tax return submissions.
In the meantime, Zimra has reported a collection of $4 trillion in tax revenue so far this year and is confident of achieving its quarterly target of $7 trillion by the end of the month.
Misheck Govha, Zimra’s Commissioner of Domestic Taxes, recently told The Financial Gazette that revenue will be boosted by Quarterly Payment Dates (QPDs), a regulatory measure for the payment of corporate income tax on four dates during the current tax year.
“We are on track; we have $3 trillion to collect in March and we expect QPDs, value-added tax, and other revenues besides customs revenues as well. We have additional revenue, which is QPDs, which are not typically generated each month. So, we should meet our target,” Govha stated.
