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.
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