Nexus Consultancy

Nexus Consultancy

Our mission your success.

13/11/2023

Dear Client

We are sure by now, you have heard about the system changes at ZIMRA, which change is aimed at improving and simplifying business processes for the benefit of the tax payer. It is time for you to migrate your tax account to the new system.

On that note, ZIMRA has introduced the Tax and Revenue Management System (TaRMS), to replace the current system which had a series of challenges.

Some of the benefits of the new system, as per ZIMRA Communication;

Taxpayer Registration
 Elimination of duplicate Business Partner Numbers and Tax Types registrations.
 On-line validation of Company Registration Numbers(CRN), ID numbers and bank account numbers as TaRMS is integrated with Registrar of Companies, Civil Registry, and Banks.
 The system can register Public Officer/Representative, Directors and Shareholders.
 Taxpayer Identification Number (TIN) and Tax Types registration will be automatic for all entities except few cases that require ZIMRA approval.
 Reduction of manual registration forms
 Taxpayer can, through Self Service Portal (SSP), save partially completed taxpayer registration application forms or tax return in draft for continuation later on.
 Taxpayer can update master data through SSP without requirement for human intervention.
Tax Return Management
 One TIN for both USD and ZWL: In TaRMS, a taxpayer submits one return per tax period and posts liabilities in ZWL and USD. (Convenient for the taxpayer).
 All returns/claim forms are fully automated except for a few which are partially automated.

Payments Management
 The system will eliminate the issue of unallocated payments in ZIMRA Bank accounts and avoid creation of Suspense Account.
 TaRMS will eliminate overpayments and duplicate payments by Taxpayers, since payment is based on the Return submitted.
 Elimination of tax payments mis-postings (time spent in correcting mis-posted payments will now be eliminated).
 A single payment can be made to settle several tax obligations, makin

04/11/2023

Get in touch with us for Tax renewal and registration.
Get on Board with TARMs the new Zimra system. Contact 0779839401

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