Owners of private jets, luxury homes to be tax com...

Owners of private jets, luxury homes to be tax compliant - Zimra

Zim Now Writer

The Zimbabwe Revenue Authority has said persons who own homes, private jets and luxury vehicles worth over US$100,000 should declare the assets to the tax collector to facilitate their payment of the requisite levies.

Zimra said those who fail to do so will face penalties for abandoning the statutory obligation.

In a statement, the tax collector said the window was open for the next 30 days.

“The Zimbabwe Revenue Authority 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.

"The intention is to encourage voluntary compliance and business operations or social life to continue normally.

“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.

“It is a requirement that any person should ensure that if they earned any income, through business/trade, which is subject to tax, the tax should be paid,” reads the statement.

The authority said taxes such as value added tax, income tax and pay-as-you-earn will be applied on the luxury items.

“The commissioner shall give due consideration to penalties liable where full and complete declarations are made.

“The submission of a true and full voluntary disclosure shall not trigger an audit.

“This window shall expire within 30 days from the date of publication. Any cases of non-compliance that may be established thereafter shall be treated based on the full tenets of the law,” Zimra said.

Voluntary disclosure applications must be submitted at the nearest Zimra office for processing.