Home » Business » Zimra Taxes Share Trust Fund

The Mhondoro-Ngezi-Chegutu-Zvimba community share ownership trust has applied for tax exemption after the Zimbabwe Revenue Authority swooped on the initial disbursement by Zimplats and collected $600 000 in taxes.

The trust is pursuing avenues to have the $600 000 refunded while Zimra has acceded to exempting the trust from paying tax.

Chairman of the CSOT Chief Zvimba has since written to Zimra seeking a refund of the money which he said would go a long way in financing various projects in the three districts incorporated into the trust.

“We have written to Zimra that they cannot tax us and they have since complied.

“They took about $600 000 but it has not yet been released so far. We have said to them because of various reasons we cannot be taxed,” he said.

Among other reasons, he said the funds from Zimplats was capital and Zimra should tax offshoots of the investments made by the trust.

Zimplats spokesperson and acting administrator of the trust Ms Busi Chindove confirmed the development saying Zimra had been engaged and something was being worked out.

“Initially the fund was taxed and a total of $600 000 was taken by Zimra. However, the fund has been exempted from paying tax and the chairman (Chief Zvimba) has since written to Zimra to seek resolution of the matter,” she said.

She clarified that the fund was taxed before it was exempted from paying tax. Efforts to get comment from Zimra were fruitless as phones went unanswered.

Source : The Herald