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Charity Ruzvidzo Business Reporter
THE Zimbabwe Revenue Authority  (Zimra) has given companies up to today to submit income tax returns for last year  as required by the law or risk being penalised.The revenue collector said yesterday that failure to submit the income tax returns would attract unspecified penalties in line with the statutory body’s civil penalties for late submission.

“The Zimbabwe Revenue Authority would like to remind all employers as defined in paragraph 1(1) of the thirteenth schedule to the income tax Act, chapter 23:06, subject to the commissioner general’s directive regarding the final deduction system in terms of Paragraph 20A of the thirteenth schedule, that they are required to submit income tax returns (Form ITF16) in terms of Paragraph 4 of the  Thirteenth Schedule for the tax year ended December 31, 2014, within 30 days after the year of assessment,” said Zimra in a statement.

“The ITF 16 should include all the employees’ personal details, earnings, benefits, allowances and deductions regardless of the period of employment. Those operating manual payrolls should obtain a standard format of the IT 16 from  their nearest Zimra offices.”