The Zimbabwe Revenue Authority’s new Tax and Revenue Management System (TaRMS) goes live today as the authority seeks to simplify business processes for the convenience of Taxpayers.
The new system comes on the backdrop of teething challenges experienced with previous systems such as etaxes and efilling.
The authority issued a public notice advising taxpayers that payment of taxes is now going to be made using one bank account.
The authority has designated various banks to collect revenue on their behalf.
“From the above listed banks the taxpayer is required is required to select one bank of their choice for the purposes of making ZIMRA payments”, read the public notice.
The system will allow ZWL and USD payments only. For those who wish to pay inn other currencies, they have to first convert them at their bank into ZWL or USD at the prevailing interbank rate of the day.
The new system will automatically link the taxpayer’s bank account with a ZIMRA single bank account in the chosen bank.
All tax obligations funds will be deposited into one single account. For funds in the single account to be allocated, the taxpayer must prepare a tax return for the respective tax obligation so that it can be posted and settled.
Taxpayers who do not submit returns risk being inconvenienced as the authority will effect estimated assessments.
It is no longer a requirement for one to get a bank advice note to open a bank account.
“The Commissioner Domestic Taxes hereby reminds all taxpayers that the opening of new bank accounts by taxpayers no longer require a Bank Advice Note issued by the Zimbabwe Revenue Authority (ZIMRA) in the new Tax and Revenue Management Sysytem (TaRMS)”, read the public notice.
Taxpayers will now be required to use the Tax Identification Number (TIN) allocated by ZIMRA to open a bank account.
The ZIMRA single account is specific for Domestic taxes payments and excise licence fees only. Customs and excise duty payments will remain channelled to the current ZIMRA bank accounts.
The nation awaits the operationalisation of the new system and hope it will make tax payments and reconciliations easier.
