Shaphat Business Development Weekly Client Bulletin Week Beginning 07 June 2021


Important Deadlines for this week :

  • PAYE & NSSA Payments for May 2021 Payroll are due on Thursday the 10th. Kindly pay and send us your POP for us to update your records.
  • ITF 12B  or  2021 second quarter QPD due by the 25th of this month.
  • ITF 12C and ITF12C2 returns will be due on 30 June 2021(Small Corporates) ,31 July 2021(Medium Corporates) & 31 August 2021 (Large Corporates). Kindly review your accounts and sign the income tax assessment return for us to upload  on the ZIMRA portal before due date.

ZIMRA Hot News:

Tax clearances are becoming more difficult to obtain with ZIMRA requesting missing returns spanning back to the date since the account was created. There are no two ways about it but to stick by the book and get served. However there is a concern on the customer service turnaround time for enquiries.

It is critical for business people to note that ZIMRA notice 38 of 2021  found its way into S.I 127 of 2021. The Ministry of Finance ,The Reserve Bank of Zimbabwe and ZIMRA may be collaborating their efforts together to try and reduce inflation to a single digit.

Turmoil in the Market as some big shark-corporates get fined on non-compliance to provisions of Notice 38.We still insist that Notice 38 of 2021 is critical for very business for the 2020/2021 tax years as one single unhappy customer can trigger your ZIMRA tax audit . Please invoice in the transaction currency and pay taxes in the correct currency.

Money & Banking  news:

Did you know that your bankers affect the way you do business. Your company’s controls on bank and cash resonate the service & products  that your bank offers;

  • Try to download a weekly bank statement from your internet banking platform or put our email up for email statements  ( ) for us to update your management accounts frequently and give you timely information.
  • Always remember that not all your transactions attract 2% IMMT Tax . Payroll related IMMT tax should be recouped. We can only help you to save money  if we perform your bank reconciliations timely.

Interesting banking products trending in the market;

  • There is a Banc ABC Samora & First street SME office Hub ,that start ups and other entrepreneurs can book and discuss business for free!!!!
  • Stanbic bank is offering a Non- Contact transacting card. You simply tap and pay for your purchases. This could go a long way saving clients from Covid-19 contractions. This product makes more sense after the Indian Variant of Covid-19 surfaced in Zimbabwe recently.

RBZ Auction Rate ;

  • The RBZ auction weighted exchange rate results for Tuesday 01 June 2021 was 84.7259 .Today’s auction the rate came out at 84.76530.

Markets and Stocks for the week ending 02 June 2021.

  • The Rand was trading at USD1:ZAR13.72900 against the American dollar. It appears the rand is on a path to reclaiming its crown.
  • Gold was trading at USD1,902.48 per ounce.
  • Platinum was trading  at USD1,200.72 per ounce.
  • May 2021 inflation stood at 161%. A 55% inflation rate is targeted by the close of July 2021.
  • GDP growth rate for 2021 is still targeted at 7.4% at the back of a targeted single digit inflation rate.
  • On the other hand the VFSE still has one single listing which is Seedco . The foreign currency denominated exchange has both exchange control & tax incentives but companies are reluctant to jump on to the stock exchange. Could it be an alternative to the RBZ auction system for getting the green back ?. Recently forex retention ratios were improved on above average export volumes to 100% against 60% as an incentive to attract exporters

Other News:

GMB prevailing crop prices ;

CROPSPRICES(ZWL ) / 1,000kgs
Maize32 000
Sorghum38 000
Rapoko38 000
Millet38 000
Soya Beans48 000

Jabs from SI 127 of 2021;

  • SI 127 of 2021 introduced last week is compelling businesses to use the official RBZ exchange rate in business transactions. The Statutory Instrument made it illegal to give customers a discount for paying for goods or services in foreign currency, refuse to take local currency payments at the official exchange rate and issue Zimbabwe dollar receipts for goods paid for in foreign currency.
  • Authorities advised that the S.I is not designed to harm business but to provide a level playing field for business and to protect consumers. The purpose of the S.I is to ensure that those obtaining foreign currency  from the auction system do not use parallel market rates for pricing.
  • The use of foreign currency for the payment of goods and services is still allowed as per S.I 85 of 2020.
  • Businesses have been given 2 weeks to regularize their systems so that they can comply with the SI on the receipting of goods & services in either foreign currency or local currency.

Get your NSSA Clearance Certificate. The NSSA clearance certificate covers the following advantages ;

  • Covers employees in the event of work related injury ,sickness or death.
  • Enables you to bid for tenders ,expression of interest ,and enlistment as a preferred supplier.
  • When you enlist the services of a contractor with a NSSA clearance certificate, you are covered from incurring liability when the contractor’s employee is injured. Enlisting a non-registered contractor transfers the risk to your business.

NSSA is introducing an e-services portal that will go a long way in automating all the processes.

  • Employees will be able to log in to view & edit their dependents and personal details in the comfort of their homes. The P3 form has just turned digital.
  • Employees will also be able to  view employment history & social security numbers(SSN).
  • Employees will also be able to generate employee contribution reports.
  • Did you know that your pension receipts will be taxable for income tax once you start receiving your mudyandigere ?

Get registered for ZIMDEF and improve your compliance and help the nation develop its manpower base. It’s always a win-win situation with ZIMDEF. A lot of organizations fail to claim a rebate for salaries paid to interns that go through polytechnics. You need a smart accountant to save you every dollar possible.

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Bulletin compiled By;

Holderness CA(Z),RPAZ,CAWM

Shaphat Consulting (Private) Limited

Call us on 0718 080 008 or 0713 767 356 or 0775 344 587

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