By Stanley James, Business Editor
Players in the industrial sector have pledged to honour their tax obligations, in a development set to boost government’s revenue collection targets.
An annual tax review meeting was held this Friday, with government through ZIMRA engaging industry and commerce on tax payment modalities.
ZIMRA Acting Commissioner for Domestic Taxes, Mr Misheck Govha said they are targeting to collect over ZW$800 billion this year.
“I would like to start by thanking you for all the support you are giving to Zimra through paying your taxes on time and in full. In the previous years, through your efforts, Zimra has been surpassing the set targets,” he noted.
For the business community and the tax payment administration fraternity, it is the ability to create a favourable climate for tax obligations that is critical in broadening government’s revenue generation base.
Dr Abel Mubango, CZI Business Linkages Committee Chairman said: “It is in the interest of related parties that we find each other. The business has to honour the tax obligations while a favourable operating climate is created such that we sustain viability.”
“Tax education is key so that there is awareness about the benefits of paying taxes by industry and commerce, including the informal sectors of the economy,” tax expert Simbarashe Hamudi said.
Zimbabwe collects revenue through Customs Duty, Pay As You Earn, Value Added Tax, Excise Duty, Mining Royalties, Corporate Tax and Capital Gains tax, among others.