THE Zimbabwe Revenue Authority (Zimra) is embarking on livestock valuation exercises to compel non-compliant farmers to pay their fair share of taxes.
This comes as authorities continue to fight to widen the country’s tax base, including levying the informal sector and churches.
“In terms of Section 8 (1) (h) of the Income Tax Act, as read with paragraph 10 (1) of the Second Schedule to the same Act, a farmer is required to include the value of closing stock as part of gross income…”