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Change To Income Tax Act -‘Zimra To Tax Churches With Effect From January 2016’
THE Zimbabwe Revenue Authority (Zimra) will start taxing churches’ income derived from trade or investments from January next year. Changes to the Income Tax Act that have been brought about by the Finance Act that was signed into law last Friday by President Mugabe providing for the taxation of “any ecclesiastical, charitable or educational institution.” “Section 14 (“Income tax for periods of assessment after 1.1.10”) (l) of the Finance Act (Chapter 23:04) is amended by…
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