Zimra warns of currency change transacting challen...

Zimra warns of currency change transacting challenges

Oscar J Jeke

The Zimbabwe Revenue Authority has warned that the period of transitioning from the old to new currency may be characterised by transaction difficulties

This comes as several institutions have encountered difficulties in transacting, especially in the Zimbabwe dollar.

The national tax collector advised its clients that they were in the process of transitioning in the wake of the currency change announced by the Reserve Bank of Zimbabwe on Friday.

Several institutions in the country have been directed to convert all Zimbabwe dollar accounts into the new Zimbabwe Gold currency, leading to the temporary service suspension as they align with the diktats of the Monetary Policy Statement.

In a statement, Zimra advised stakeholders and clients on the intermittent complications in transacting, noting that clients may face challenges in making payments while the banks are in a transition process.

“The Zimbabwe Revenue Authority wishes to advise its valued clients and stakeholders that following the pronouncement of the Monetary Policy Statement on April 5, 2024 the Authority has embarked on complying with the Monetary Policy Statement.

“Clients May face challenges to make payments while the banks are aligning to the MPS as well,” Zimra said.

The Authority also said that clients may proceed with their specified payments, adding that it will share updates on the payment of taxes or submissions of returns once the system has completed the transition process.

“Zimra payment arrangements are available to receive payments and clients can pay their taxes and duties using banking systems or Cash Offices at Ports of Entry (for payment of duties).

“Taxes and Excise returns for transactions prior to 5 April, 2024, shall continue to be submitted in ZWL and USD until further notice. The ZWL values shall be converted to ZiG once Zimra is ready with the currency conversion.”

The Authority said it will share updates on payment of taxes and duties and submission of returns on an ongoing basis as the alignment process by various players’ progresses. We regret any inconveniences caused during this transition and encourage clients to continue ensuring their compliance,” Zimra added.