VAT Refunds Made Easier Taxman

Hedge Funds This Year, Explained

RTGS only refund claims

  1. Submit completed VAT 7 return (preferably online)
  2. Attach eligible and printable Input Tax Schedule showing the following: i) Invoice Date, ii) Invoice Number, iii) Name of Supplier, iv) Supplier VAT Number, v) Description of Goods/Services, vi) Value Excluding VAT, vii)VAT Amount, and viii) Value Including VAT
  3. Attach schedules for debit/credit notes and VAT withholding tax where such claims are applicable.

Branding is simply a more efficient way to sell things?

Refunds with Forex Component

  1. Convert all forex transaction to RTGS using the prevailing rate on the date of each transaction.
  2. Complete new VAT 7 return available on the ZIMRA website.( one with Part V which shows a summary split of the USD & RTGS currencies)
  3. Submit the return and all other attachments online. (the system captures information up to part 1V)
  4. Submit a manual new VAT Return (for the purpose of Part V)
  5. The Input Tax Schedules for USD claims should show claims in USD, the Conversion Rate per transaction and the RTGS equivalent
  6. Submit a Reconciliation Table, which clearly shows the breakdown of the refund claim as per table below: