Firm fined for violating tax law

24 Jan, 2022 - 16:01 0 Views
Firm fined for violating tax law

The Herald

Prosper Dembedza Court Correspondent

Nottpam Investments (Pvt) Ltd was today fined $50 000 after being found guilty of contravening various sections of the Incomes Tax Act.

The company was facing two counts of contravening the Incomes Tax Act and another for Value Added Tax.

Harare magistrate Mrs Mrs Tafadzwa Mhiti fined the firm to pay $50 000.

On count one, during the period between 2015 and July 2021 the company being represented by Godfrey Mathanda whose gross income does not solely consist of salary, wages or similar compensation for personal service unlawfully or intentionally failed to keep in English language proper books and accounts for all his transactions as required by the Zimbabwe Revenue Authority (Zimra).

The court heard that on count two the company unlawfully and intentionally failed to contain on issued tax invoices of individual serialized number and the date upon which the tax invoice was issued as required by law.

It is the State’s case that on count three, Nottpam Investments unlawfully and intentionally made a false declaration to Zimra that during the period between July 2015 and December 2020, the company did not declare any income despite having received  $243 270,62 in the year 2015,  $242 231,81 in 2016, $287 006,34 in 2017,  $271 895,57 in 2018, $609 588,90 in 2019, and in 2020, the company received a total income of $12 090,42.

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