Zimra generates foreign tax account

Zim Now Writer

THE Zimbabwe Revenue Authority (ZIMRA) has announced that it has created a forex business partner (BP) number to process forex returns.

The system will separate and account for tax in ZWL and forex.

In a statement, the revenue authority said: “Taxpayers will be expected to submit all the forex returns and make forex tax payments through this new forex BP number. The ZWL BP number will remain in use for the submission of ZWL returns and the payments thereof.”

The tax authority said that forex BP number has 9 digits prefixed by a 3 instead of a 2 for ZWL.

Zimra added that the forex BP number will have the same contract accounts that the taxpayer is registered under the ZWL BP number.

“For taxpayers with ZWL BP numbers, the Authority has automatically created the forex BP numbers and respective contract accounts which will be emailed to taxpayers’ using email addresses in the ZIMRA master data,” the statement further said.