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Zimbabwe Govt Partners UK Company To Collect Online Tax, Gambling and Cryptocurrency

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Zimbabwe government has partnered a UK based company as it seeks to collect online revenue from various digital platforms.

Announcing the latest developments, Veritas said the deal was signed and approved by government some months ago and now awaiting implementation

IT is hereby notified, in terms of section 46 of the Zimbabwe Investment and Development Act [Chapter 14:38], that on the 17th of October, 2021, the Republic of Zimbabwe entered into a public-private partnership agreement with Daedalus World Limited of Tortola, British Virgin Islands.
In terms of which Daedalus World Limited will assist the Republic of Zimbabwe by providing a revenue collection service through taxing qualifying companies that provide digital advertising, content, cloud computing, e-commerce, gambling, betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.” read the notification.
The said Agreement was duly approved by Cabinet on the 23rd of November, 2021, in terms of section 35 as read with the Fourth Schedule Part II under paragraph 7(1) of the Zimbabwe Investment and Development Act [Chapter 14:38] and is therefore valid and binding in accordance with its terms.

The move is meant to target players making revenue around Facebook, YouTube and Instagram amongst emerging social platforms.

Cryptocurrency has also been considered as a reliable and stable form of currency by the government with taxation forms already being laid before they formalize transactions

With COVID-19 enforcing closure of borders and movement restrictions, Zimbabweans had increasingly turned to e-commerce, pivoting on the use of virtual international credit and debit cards to make international payments.

Audit and accountancy firm BDO has previously commented on “payment of income tax on e-commerce” transactions in Zimbabwe, saying “satellite broadcasting and electronic commerce services provided from outside Zimbabwe by non-resident persons are subject to Income tax at a flat rate of 5%” on turnover.

“Foreign providers of electronic services are required to register for VAT. In addition, foreign radio and TV broadcasting services are required to register for VAT,” the firm said in 2021.

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