Zimbabwe Taxation - 2625 Words

Question Write an analysis of the developments of the taxation system in Zimbabwe from pre to post colonial Zimbabwe (25) The tax system currently enforced in Zimbabwe under the authority of the Income tax Act Chap 23.06 with Acts like the Capital Gains Act Chap 23.01, Finance Act Chap 23.04 and the Excise duties Act as complimentary. The system evolved from traditional ideologies perpetuated from pre pre-colonial era up to now. The incidence of tax from a traditional perspective occurred from as far as the Rozvi State who was allowed to maintain their power and control by the Portuguese Traders which resulted in the development of the†¦show more content†¦Insurance premiums and medical expenses were also allowed as a deduction The Pay as You Earn (P.A.Y.E) system of collecting Tax income was also adopted and it mainly operated with reference to an employed person. The definition of person in this regard mainly focuses on the natural person as it is the natural person and not the Juristic (for example Companies) that earn the employment income on which P.A.Y.E will be charged. Companies were also taxed in their own capacity and were required to pay a standard rate of 7s. 3d. in the  £. Special incentives for investment and exports were also given to benefit international trade and encourage investments in the companies established in the Zimbabwean Economy. Personal tax obligations were payable by individuals on a sliding scale ranging from  £2 per annum to  £12 per annum, this range was dependant on the income Death duties were relatively low by world standards, and were payable on a sliding scale rising to a maximum of 2s. 6d. in the pound currency, which is reached on a taxable amount of approximately  £42,000. Stamp duties were set on numerous documents recording transactions between persons and on services provided at various registries. These included a transfer duty at the rate of  £1 per cent, for the first  £4,000 of the value ofShow MoreRelatedEssay On Tax Compliance In Zimbabwe917 Words   |  4 Pagestax compliance by SMEs in Zimbabwe. The topics covered in the chapter include background of the study, statement of the problem, the objectives of the study, main research question, sub research questions and justification of the study. Other sub-topics covered include significance of the study, delimitations, and limitations of the study and definition of terms. 1.2 Background of the study A study undertaken by a research firm, Global Financial Integrity revealed Zimbabwe could have lost $12 billionRead MoreThe Mutapa State8269 Words   |  34 PagesAfternoon once again some more on Zimbabwe...DISCUSS THE RISE AND EXPANSION OF THE MUTAPA STATE. (NOV 2008) The rise and ultimate expansion of the Mutapa State owed in part to the decline of Great Zimbabwe. According to oral traditions, Nyatsimba Mutota migrated from the declining Great Zimbabwe and began his conquests of the Korekore and Tavara of the Dande and Chidema areas It has been claimed t...hat his victims were so impressed by his military exploits that they nicknamed him Mwene Mutapa, ‘ownerRead MoreA Guide to Zimbabwe Goverment Revenue11248 Words   |  45 Pages A GUIDE TO ZIMBABWE GOVERNMENT REVENUE | A Toolkit and Guide for Legislators and Civil Society Organizations | | This toolkit is meant to equip Legislators and Civil Society Organizations to effectively monitor the Government of Zimbabwe Revenues as part of the broader Budgetary Policy Analysis and input | | | | Table of Contents Chapter 1: Introduction 4 1.1 Background 4 1.2 Enabling Legislations 4 1.3 Tax Reforms 5 1.4 Taxes and the economy 6 1.5 The toolkit 6 Chapter 2:Read MoreThe Laffer Curve1848 Words   |  8 Pagesrates for either of the factors leads to an increase of the use of both factors. †¢ If government spending is being held constant, the constellation of tax rates affects the output. How taxes are collected is equally important as the total amount of taxation and spending. †¢ Lowered tax rates on any of the factors may or may not lower the total tax revenue. †¢ As often as not, when one factor’s tax rate is raised and the other’s lowered, the second factor will end up in worse economic shape. InRead MoreEconomic Aspects of Agrarian Reform12715 Words   |  51 PagesRepormang Pansakahan), abbreviated as the  DAR, is the  executive department  of the  Philippine Governmentresponsible for all  land reform  programs in the country, with the purported aim of promoting social justice and industrialization through massive taxation of rich and poor Filipinos alike. |Contents | |  [hide] | |1  History Read MoreWhat are the main causes of high unemployment in Zimbabwe? How serious a problem is it? Will land resettlement and HIV-AIDS ease or worsen the situation? Give reasons.1516 Words   |  7 PagesIntroduction: The unemployment rate is the proportion of the economically active population that is unemployed and actively looking for employment. In 1990, Zimbabwe embarked on a programme of Economic Reforms popularly known as Economic Structural Adjustment Programme (ESAP) and 1991-1992 saw one of the worst droughts. With close to 70% of the population living in the rural areas (CSO 1992) and dependent on agriculture for their livelihood, this constituted a major disaster. One result of theseRead MoreNotes On Taxation And The Informal Business Sector Essay2820 Words   |  12 Pagesinsight on the background. This chapter therefore reviews the existing literatures on taxation in general and presumptive tax system in Zimbabwe. The literature also tries to bring to surface issues concerning the role of taxation, the informal business sector and taxation in the informal business sector. This chapter will close with review of presumptive tax in Zimbabwe. 2.1 TAXATION IN GENERAL In general, taxation is a process government use to raise revenue to finance its activities and operationsRead MoreImpact of Industrial Development on Nigeria Stock Market1457 Words   |  6 Pagesin the market. At an average ratio of 2 percent per year,the turn-over ration, a measure of the value of share traded relative to local market capitalization is very low in Nigeria compared with 100 percent,9.0 percent and 4.6 percent in Botswana,Zimbabwe, and Mauritania respectively. The low trading activities are also a result of the ownership structure. Until 1995, when the Nigerian investment Promotion Commission Decree 16 and the Foreign Exchange ( Monitoring and Miscellaneous) provisions DecreeRead MoreThe Between Socialism And Communism908 Words   |  4 Pageswealth through taxation to provide the needs for society to function, for example, roads, hospitals, and schools. As populations increase, taxation rises and the infrastructure provided by socialism starts to collapse. The S tate can then either privatise to reduce taxation, introduce austerity measures, or nationalise, which Marx termed, the stepping stone to communism. The term socialist, as distinct from socialism, occurs when the government starts to use private wealth taxation to promote politicalRead MoreSupply Chain2295 Words   |  10 PagesMUDHLIWEVHU REG NUMBER : C13121173D PROGRAMME : BSSCM MODULE : PRINCIPLES OF TRANSPORT MANAGEMENT LEVEL : 2.1 ASSIGNMENT Discuss the policy instruments that the government of Zimbabwe applies to intervene in the freight-transport industry and point out in your view how these measures affect business logistics management and performance in the country. Introduction Transport policy deals with the development of a set of