tendai_biti_.jpgGovernment has drafted a new income tax policy in line with international standards in a move aimed at increasing revenue collection. 

 

The arrangement is expected to result in Government creating better relations with tax payers through reforming operations of the Zimbabwe Revenue Authority ZIMRA.

 

 

This is expected to enable companies and households to comply with taxation systems.

 

Finance Minister Mr. Tendai Biti said the drafting of the income tax policy comes at a time, fiscal authorities are mobilising funds to solve financial challenges affecting the economy.

“This development is welcome as it will in the long term assist in the growth of key sectors,” said Minister Biti.
 
Government is however expected to embark on an outreach programme around the country gathering views from industry and individuals about the policy, in a move Minister Biti says will facilitate accountability.

 

“Consultations for the policy are in due course as we seek to ensure transparency,” Mr Biti added.

 

The introduction of an income tax policy based on international standard is also aimed at restoring the country’s competitive edge in terms of business confidence.