CRS News Flash 5 February 2020 – ZIMBABWE – Payment of tax in foreign currency

FEBRUARY 2020 – ZIMBABWE

PAYMENT OF TAX IN FOREIGN CURRENCY

It is important that employers note the following:

Zimbabwe Revenue Authority (ZIMRA) Public Notice

ZIMRA has issued a public notice regarding payment of tax in foreign currency.

Businesses trading in both RTGS$ and foreign currencies are required to pay taxes in foreign currency. Section 4A of the Finance Act (Chapter 23:04) and Section 38 of the Value Added Tax Act (Chapter 23:12) refers.

PAYE
Employers who are paying remuneration in foreign currency should remit the employee’s PAYE in foreign currency.

If part of the remuneration is paid partly in foreign currency and partly in RTGS$, employers must apportion the employee’s PAYE accordingly and remit both the foreign currency and RTGS$ to the commissioner on or before the due date.

To view the public notice, follow the link

Contact our legislation team at info@crs.co.za if you require any additional information.
© 2020 C
RS Technologies (Pty)Ltd. All Rights Reserved.

Share the Post:

More News and Insights

Scroll to Top

Book your CRS consultation or demo


By submitting this form, you agree to our terms and conditions

Software products

Simplify payroll and HR management with our comprehensive solution suite.

HR software

Reshape the employer-employee dynamic.

Payroll software

Enhance accuracy and efficiency.

Performance management software

Nurture employee development.

Integration & Security

Connect with leading ERP platforms.

Global footprint

We’re active in 35 countries.

Our services

Grow your business while we take care of your human capital.

HR outsourcing

Transform HR into a strategic asset.

Payroll outsourcing

Simplify your payroll operations.

EOR & PEO

Expand your global reach.

Support channels

We keep your payroll and HR infrastructure running smoothly.

Service desk & FAQ

Round-the-clock expert support paired with essential payroll and HR information.

HIPE4 Agreement

Global payroll and HR excellence defined.

CRS Icon 1

Download resources

Leverage expert insights that steer your strategic decision-making.

Downloads

Essential resources to improve your business practices.

News & Insights

Comprehensive coverage of key payroll and HR issues.

Company overview

CRS has been pioneering payroll and HR solutions for global organisations for over 40 years.

About us

Our custom payroll and HR solutions benefit employers and employees in more than 35 countries.

Work for CRS

Experience an environment where creativity, collaboration and empowerment thrive.