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Zimbabwe uses the General Agreement on Trade and Tariffs (GATT) method of customs valuation. Imports are subject to duty, import tax, and surtax. Capital goods are exempt from all three. Duties mostly range between 15% and 20% but can go as high as 60%. The surtax is 10% and sales tax is charged the importer as the end-user.
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Mining Companies. All capital expenditure on exploration, development, and operating incurred wholly and exclusively for mining operations is allowed in full. There is no …
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The rate of tax for mining companies has been reduced retrospectively from 25% to 24% with effect from 1 January 2020. Payment of Income Tax on E-Commerce Transactions Satellite broadcasting and electronic commerce services provided from outside Zimbabwe by non-resident persons are subject to Income tax at a flat rate of 5% on turnover.
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Payment of Mining Royalties in Kind . In early medieval Europe taxes were often paid in kind, with taxpayers providing labour or other services or handing over goods and produce to the tax collectors. ... [ZIMRA], and the amounts of royalties and the way in which they are collected are laid down in the Finance Act. The SI purports to amend the ...
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The Zimbabwe Revenue Authority (ZIMRA) has advised miners and Mining companies to cease with immediate effect, remitting mining royalties to the Reserve Bank of Zimbabwe (RBZ) and remit to ZIMRA Commissioner General in compliance with the country's mining and financial laws. Rudairo Mapuranga. A mining royalty is a sovereign …
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Zimbabwe is blessed with rich mineral deposits including gold, diamonds, platinum among others and its socio-economic growth prospects hinge on good mineral resource management. Mining tax contribution, essentially, should play a pivotal role in uplifting the living standards of the majority of poor citizens. However, mineral revenue …
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The 2024 national budget statement—with corresponding draft Finance Bill—includes the following tax proposals: Expansion of ZWL pay-as-you-earn (PAYE) tables to ZWL 9 million for the year. Increase of …
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The law prohibits the deduction of amounts incurred in excess of specified limits in respect of management and general administration expenses, as well as interest. This applies to branches or subsidiaries of both local and foreign companies. The limit on management and general administration expenses is based on such expenses exceeding …
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a 6% shortfall in tax collected for the year 2013. According to (2013b), Registered operators are only required to charge and collect VAT, maintain the necessary records, furnish tax returns and remit the taxes paid by customers within set time frames. The VAT is due after adjusting for output and input tax, therefore 542776
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In this article Mining Law Expert Selina Zhuwarara outlines the Major Mining Tax Highlights for 2022. Amendments to the Finance Act which came into effect on the 1 st of January 2022 brought changes to the royalty rates in platinum and gold. Significant to the changes it the allowance for a 3% royalty rate on gold where global prices are below ...
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Zimbabwe's royalty rates range between 5% for gold and platinum group metals and 10% for diamonds. Foreign companies with operations in Zimbabwe include Anglo American Platinum, Impala Platinum ...
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tax exemptions to mining companies. Money given away as tax exemptions should be reflected in the national budget. 5. According to ZIMCODD Chairperson, Mukasiri Sibanda, also the Tax and Natural Resource Governance Advisor with Tax Justice Network Africa, empirical evidence and the lived realities of host communities debunk the
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Karat 21. 56.33. Karat 18. 48.27. Karat 14. 37.57. The small-scale mining sector has of late become one of the pillars of the economy of Zimbabwe contributing significantly to national fiscus. Rudairo Dickson …
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Category: News. WHAT ARE PROSPECTING EXPENSES? Prospecting expenses are expenditure incurred by a miner (other than that which is allowable under the general …
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The move will see the platinum mining company being exempted from paying. (a) income tax for a period of five years commencing from the date of receipt of income from mining operations and sales of mining output; and ..., between 2004 and 2014 ZIMRA levied the company royalties at rates that were determined by the Minister …
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Since 2018 Zimbabwe has re-focused its attention on maximising the mining industry's potential, thus re-structuring its policies and regulatory framework to improve investment and productivity. The mining regulatory framework in Zimbabwe is relatively straightforward. Mineral rights are vested in the President, who primarily administers …
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The legislation relating to suspension of duty on specific mining development operations will be not be renewed, however mining companies will continue to import until expiry of …
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Mining Laws and Regulations Zimbabwe 2024. ICLG - Mining Laws and Regulations - Zimbabwe Chapter covers common issues in mining laws and regulations – including the acquisition of rights, ownership requirements and restrictions, processing, transfer and encumbrance, environmental aspects, native title and land rights. Published: …
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Local News. Zimra commences deducting mining royalties. June 16, 2021. 179. THE Zimbabwe Revenue Authority (Zimra) has started executing its recently added mandate of deducting mining royalties, …
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Tax Law and Practice in Zimbabwe. July 31, 2014 ·. CAPITAL ALLOWANCES. In taxation there is no depreciation, instead capital allowances are granted on business assets. There are 2 forms of capital allowances namely: 1) Special Initial Allowance (SIA) 2) Wear & tear. SIA is granted only on election @25% on cost per annum.
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Accordingly, in addition to the adjusted tax structure, the Ministry of Finance and Economic Development announced in February 2022 that mining royalties are now payable in Zimbabwe Dollars (ZWL) …
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The appellant mined and processed platinum group metals in Zimbabwe under a special mining lease issued in terms of the Mines and Minerals Act [Chapter 21:05]. In terms of the Income Tax Act [Chapter 23:06], holders of a special mining lease are subject to a corporate income tax rate of 15% against a general mining corporate tax rate of 25%.
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Anglo American Platinum's Zimbabwe unit has taken the Zimbabwe Revenue Authority (ZIMRA) to court over a $24 million royalty dispute, court documents seen by Reuters show. Unki Platinum mine ...
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The issued tax assessments against the company impose tax liabilities amounting to US$19,315,233.82 and ZWL79,845,954.36." ZIMRA has also garnished Pacific's bank accounts and taken the "unprecedented step of instructing our customers to pay ZIMRA any monies owed to PCC, effectively closing off all the company's income …
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Take all forms of remuneration should into account before subjecting the income to tax. PAYE is calculated as follows: Determine gross income for the day/week/month/year. Deduct exempt income, for instance bonus as per limit in the Act, you get => Income. Deduct allowable deductions, e.g. pensions, you get => Taxable Income.
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The taxes to be paid in foreign currency, it said, include Pay-As-You-Earn, Value Added Tax, Capital Gains Tax and mining royalties. Zimra added that all employers who were paying remunerations in ...
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Mining - Rates of Royalties ... (Company) 1. MINING –RATES OF ROYALTIES With effect from the 1st January, 2011, the rates of royalties have been reviewed as follows:- Mineral % of gross fair market value of mineral produced ... Created on 09 January 2011 3. ZIMRA Board- a unique blend of pro-growth professionals (Story)
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22 rows24%. Income of a holder of special mining lease. 14 (2) (f) 15%. Income of a company or trust derived from mining operations. 14 (2) g. 24%. Income for a person engaged in approved BOOT or BOT arrangement: First 5 years. 14 (2) h.
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BY CHIEDZA KOWO GOVERNMENT has provided a list of mining goods that will attract a debate on duty. In a statement, the Zimbabwe Revenue Authority (Zimra) said the rebate will be granted only in ...
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37.57. Zimbabwe's multi-billion-dollar mining sector has been granted the nod to pay part of their royalties, taxes and rural district council levies in local currency in a major boost for the capital intensive sector. The sector contributes over 60% of the country's export receipts which is used to oil the economy through the importation ...
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