LAGOS, Nigeria(VOICE OF NAIJA)-The Zimbabwe Revenue Authority (ZIMRA), released a statement on Thursday, announcing that all churches in the country will be taxed, and they are expected to comply with the new regulations.
ZIMRA is responsible for assessing, collecting and accounting for revenue through the Ministry of Finance as specified by the Revenue Authority Act.
As part of its objectives to be transparent, ZIMRA intends to use this new rule to tackle the issue of tax compliance across all tax groups.
The released statement however, includes crucial tax guidelines for the churches to follow.
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Any income received by the church or its institutions from Tithes and Offerings, Contributions and Donations, given by its benefactors or members are tax-free.
Any income made directly or on behalf of the church or its institutions from its investments or trade will be taxed.
The agency also included “Taxable Income”, that is any and every income the church gets from the sale of, Meals and Petty goods, its Print and Audiovisual books or music, its branded merchandise like Clothings and Spiritual materials; will also be taxed.
According to the agency, “Such sales may also attract Value Added Tax (VAT), depending on the sales thresholds.”
ZIMRA said the date and venue for the engagement will be communicated later.
The Guardian
