Importance of keeping your records updated

Basic taxpayer data is the taxpayer`s details that are captured during registration.

This information is organised so that it can be easily accessed, managed and updated for the purposes of doing business.

This information is requested on first registration for a Business Partner number but may become obsolete due to changes in circumstances of the taxpayer.

The taxpayer has an obligation to submit constant updates of the changes in their details.

This is in terms of Section 25 of the Value Added Tax Act (Chapter 23:12) which states that, every registered operator shall within 21 days notify the Commissioner in writing of any changes that would have occurred.
Examples of basic taxpayer data are:
-Title

-Name
-Physical Address
-E-mail address
-Telephone number
-Bank details
-Public Officer

Effects of not updating master data
-Failure to update records may result in communication challenges.
-There may be delays in the processing of refunds if a bank account number or bank codes change and Zimra is not notified.
-Failure to locate the client may result in the issuance of garnish orders as a last resort to debt recovery.

Clients are advised to complete and submit the REV 2 form to update their details. The REV 2 form can be obtained from the Zimra Website, www.Zimra.co.zw.

Covid-19 is real. Always remember to sanitise, wash your hands with water and soap. Stay safe.

My Taxes, My Duties: Building my Zimbabwe!!

Disclaimer
This article was compiled by the Zimbabwe Revenue Authority for information purposes only. Zimra shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.-chronicle.co.zw