Tuesday , May 18 2021

ZIMRA's Latest Public Notification Pours Water on the Government Claiming that Bonds / RTGS and USD are Equivalent



We all know that lie the line that our government, led by the Fiscal Authority (Ministry of Finance) and Monetary Authority, likes to feed us: Bonds, RTGS / Ecocash balances and United States Dollars which are actually one and the same thing. The ZIMRA 45 Public Notice in 2018 seems to contradict all of that.

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What the public notices say

What the horse said

The Zimbabwe Revenue Authority (ZIMRA) has noticed that there are businesses that trade, hold and collect VAT, PAYE, Capital Gains Tax, and other taxes in multi-currencies. After this observation, ZIMRA has found it necessary to clarify that these businesses must send taxes in certain currencies where they are collected without conversion to RTGS, bond notes, local selling points and cellular money. Clients can send their multicurrencey tax to ZIMRA through the following FCA Nostro (USD) account:

ZIMRA Enter this list of accounts and the statement continues after that.

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Clients who want to send in other hard currencies that USD can ask the banks listed above for the appropriate FCA Nostro account.

It will show up some of the same currencies from the others

Earlier this year in the case of the State vs Kumbulani Davi country failed to prove that businesses that receive payments in bond notes, not real USD are crimes. After all, if someone owes me money, I should not really care if I receive money in the form of Rands, Pula, Pounds, Euros or USD as long as we maintain the official exchange rate in effect at that time.

The government itself has insisted that bonds, RTGS / Ecocash and FCA nostro / USD are separate but the same. Public notice from ZIMRA continues to prove that like this the Apartheid spell is a lie – this is another lie by the government. It seems that some currencies are actually more the same than others and ZIMRA knows this.

Foreigners are also asked by the government to pay in foreign currency when paying for fuel at the pump. One assumes a discriminatory technique is used to profile and sniff "strangers" here. Good Minister of Industry Raj Modi was called upon to burden customers in his shop with a real USD currency despite a government policy.

But we are here

In my opinion, the government should accept the facts. The power to make laws does not mean that you have the power to change facts. It's like making a law that says the sun rises in the west and not in the east. This will not change the facts – all that will be done is make it difficult for all of us because we have to pretend in the public domain while we personally mock and discreetly ignore the law.

It is also unfair when the government makes laws that only apply if it suits them. They sent a message that this law was only intended for us and not them. And they wonder why foreign investors did not respond en masse when they claimed Zimbabwe was open for business. They tried spinning straw into gold and no one bought it.

ZIMRAMinister of FinanceEcoCash

The Zimbabwe Revenue Authority is a government department responsible for collecting state revenues in the form of customs, customs, road tolls, corporate and civil taxes. In addition, it also facilitates trade, offers fiscal advice to the government and … Read More About ZIMRA

The Ministry of Finance and Economic Development is a government organ that manages the fiscal and financial aspects of the state through their respective departments. It has various organs managed by different personnel and this includes among others the Reserve Bank of Zimbabwe and Zimbabwe National … Read More About the Ministry of Finance

EcoCash is a cellular money transfer facility run by Econet Wireless Zimbabwe. This facility has been growing rapidly since its inception and arguably the largest cellular money transfer agent given the large number of transactions that the platform says … Read More About EcoCash


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