THE Zimbabwe Revenue Authority (ZIMRA) has created a forex business partner (BP) number, a system that will separate and account for tax in ZWL and forex.
In a statement, the revenue authority said in light of the need to clearly separate and account for tax in ZWL and forex, they have introduced BP to process forex returns.
“The Zimbabwe Revenue Authority (Zimra), wishes to advise its valued taxpayers that in light of the need to clearly separate and account for tax in ZWL and forex, ZIMRA has introduced a separate business partner (BP) number thatwill be used for processing forex returns. The forex BP number has 9 digits prefixed by a 3 instead of a 2 for ZWL,” reads part of the statement.
Zimra said the forex BP number will have the same contract accounts that the taxpayer is registered under the ZWL BP number.
“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.
“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.”
Over the past 20 years, Zimra has re-configured the taxation and customs terrain resulting in efficient and effective revenue collection for the Government.
Zimra has steadily improved its tax administration by increasing tax payer outreach and raising the number of taxpayers by providing better services through fiscalisation, e-services, and improving the use of risk management in conducting its tax payer audits. – The Chronicle
