National Code, Public Entities Code or King IV …3 codes. Which one should you apply??

Investopedia defines corporate governance as ”the system of rules, practices, and processes by which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community…..“ From this definition, it is clear that every company follows some sort […]

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RBZ Monetary Policy – Impact on Financial Reporting

by Anesu Daka CA(SA)(Z) In May 2016, the RBZ introduced the priority list as an exchange control measure. Subsequently, the bond notes were introduced in October 2016 through Statutory Instrument 133 which amended section 44 of RBZ Act. There was also increased encouragement to use plastic money/electronic money (RTGS and mobile) to alleviate the liquidity […]

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ACCOUNTING FOR THE 2% IMT TAX

Towards the end of the 2018 calendar year, the Finance Minister – Professor Mthuli Ncube – announced a 2% Intermediated Money Transfer Tax (IMTT) as part of the austerity measures introduced by the government. In this free guide, we discuss the financial reporting implication of the guide. Click below to get the free guide. About […]

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Intermediated Money Transfer Tax – (IMTT)

1. PREAMBLE The Intermediated Money Transfer Tax (IMTT) is levied on transferred amount per section 36G of the Income Tax Act [Chapter 23:06] as read with the 30th schedule to [Cap. 23:06] and these provisions were recently amended. This paper seeks to highlight some of the changes, anticipate the impact from an accounting perspective, and […]

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Key audit matters: Unlocking secrets of the external audit

The International Auditing and Assurance Standards Board (IAASB), which is the global regulator of accounting practices, finalised its process of revising auditor reporting standards in 2015. This resulted in the promulgation of a set of new and revised auditor reporting standards on auditor reporting, which became effective for audits of financial statements for periods ending […]

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Judge's gavel

New Companies Act: Are you prepared?

In 2016, the government of Zimbabwe through the Office of the President and Cabinet (OPC), embarked on a project targeted at improving the ease of doing business in Zimbabwe. One of the areas identified as part of this initiative was the modernisation and alignment of the country’s legislation to the national Constitution. The Companies Act […]

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Tax Amnesty Revealed

The Zimbabwean government announced a tax amnesty to defaulting clients in a bid to encourage them to regularize their tax affairs. The amnesty is said to cover individuals, companies and corporate or unincorporated bodies of persons and trusts. In an effort to encourage the public to regularize their tax affairs, Government, through the Finance Act […]

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