Multinationals exploit Zimbabwe’s tax laws

The IMTT has been “burdensome” for con­sumers and businesses, although authorities maintain that it is necessary to support govern­ment revenues. Economist and chief adviser to the minister of Finance, Professor Ashok Chakra­varti, said the upcoming budget process provided an opportunity for businesses and other stake­holders to make their views on the tax known.

ZIMBABWE’s efforts to attract foreign investment through appealing tax incentives have inadvertently created lawful avenues for multinational corporations that seek to minimise their tax obligations, tax experts say.One notable initiative is the foreign currency-denominated- Victoria Falls Stock Exchange (VFEX), an international offshore centre established in 2020, which offers a reduced dividend withholding tax rate of…

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