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Did you know that in terms of the Stamps Duties Act (Chapter 23:09) and Chapter II of the Finance Act (Chapter 23:04), Stamp Duty should be withheld and remitted to the Commissioner General of the Zimbabwe Revenue Authority (ZIMRA).
Stamp Duty is duty levied on instruments, other matters and the rates are prescribed by the Minister of Finance and Economic Development in the Finance Act (Chapter 23:04).

This edition is aimed at educating, alerting and reminding clients that Stamp Duty should be withheld and remitted on time and in full to ZIMRA.
Instruments and other matters liable to Stamp Duty

The following instruments are liable to Stamp Duty:
Bonds
Brokers’ notes
Off-Market share transfer instruments
Cheques
Policies of Insurance
Registration in the Deeds Registry of the Acquisition of Immovable Property.

Description of Instruments listed above
Bonds include any mortgage bond or notarial bond, or any cession or substitution of debtor in respect thereof.

Brokers’ notes means the note required to be sent by any broker or agent to his principal advising the sale or purchase of any marketable security or of any movable or immovable property. The broker or agent is supposed to withhold the duty and remit to ZIMRA.

Off-market share transfer Instruments
These are quoted and unquoted shares which are sold or purchased otherwise than through a share market. The transfer secretary is supposed to withhold the Stamp Duty and remit it to ZIMRA.

Registration in the deeds registry of the acquisition of immovable property
Stamp Duty is charged for the registration in the Deeds Registry of any acquisition of immovable property. The registrar is supposed to withhold the stamp duty.

Penalties Levied under this Act
Our valued clients are hereby informed that penalties shall be levied to:
Any person who wilfully or negligently fails to comply with any requirement or demand by the Registrar of Deeds or the Commissioner General of ZIMRA.
Any person who makes false declaration.

Any person who fails to disclose any material facts relating to the transactions.

Failure to stamp and for use of unstamped instrument
By any wilful act or omission, evades or attempts to evade, or aids any other person in evading, any duty payable under this Act.

ZIMRA also carries out periodic audits in order to check whether the correct stamp duty is paid in full and on time. Clients are encouraged to be compliant in order to avoid unnecessary inconveniences.

Our valued clients are hereby reminded that: PAYE for the month of August 2014 is due on September 10, 2014

To contact ZIMRA: Visit our website: www. zimra.co.zw, Follow us on Twitter: @Zimra_11, Like us on Facebook: www.facebook.com/ZIMRA.11, Send us an e-mail: [email protected], Call us (Head Office): 04 –758891/5; 790813; 790814; 781345; 751624; 752731;