Mining royalties remittance penalties set
Persons responsible for remitting mining royalties to the Government, but failing to do so timeously without just cause face up to six months in prison, according to the Finance Act that came into force recently. The Act stipulates that if royalties are not remitted by the required deadline, interest will accrue at a rate determined by the Minister of Finance, Economic Development and Investment Promotion. This interest begins accruing the day after the deadline and continues until full payment is made. However, in special circumstances, the Commissioner-General of Zimbabwe Revenue Authority may extend the time for the remittance of royalties without charging interest. It says a person upon whom the Commissioner has served a notice who fails without just cause to comply with the notice within the first seven days of the period of 181 days shall be liable for a secondary civil penalty of US$30 or the maximum monetary figure specified from time to time for level 4, whichever is the lesser amount for each day the person remains in default, not exceeding a period of 181 days. – The Herald January 10, pg 2
