Local firms are rushing to comply with a voluntary tax disclosure deadline that will expire by end of this month.

Information gathered by the ZBC News today (Wednesday) from the Zimbabwe Revenue Authority (ZIMRA) sources indicate the voluntary disclosures of tax structures by industry and commerce which was effected in July is aimed  at encouraging compliance and enabling clients to regularise outstanding obligations without penalties or fines.

A tax consultant, Mr Tendai Mavhima said several companies and individuals are making frantic efforts to ensure they beat the December 31 deadline.

“We are all in anticipation of the new tax structures which we hope shall translate into economic growth,” he added.

Another tax consultant, Mr Simon Gwenzi said tax disclosure is a critical element in ensuring companies stick to sound and ethical corporate governance structures and policies.

The government is this year anticipating revenue inflows of $5,3 billion with $3,8 billion having already been raked in between January and September on the back of tight tax collection systems.