Zimra creates forex tax account

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 that will 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.”

Taxes
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, eservices, and improving the use of risk management in conducting its tax payer audits.-The Chronicle