ZIMRA has sent out a notice to businesses demanding VAT and other taxes in foreign currency. This applies to businesses suspected of charging in both foreign currency and RTGS. In such cases, according to the tax authorities, tax is to be paid in foreign currency for the component of sales made in USD.

Confusing stance

Charging in foreign currency is illegal. So what ZIMRA is essentially saying that if you illegally charge in foreign currency you are still required to pay your VAT and tax in foreign currency even if what you are doing is against the law. Strange.

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