- Delta Corporation Limited contests tax assessments by Zimra totaling US$73 million
- Dispute due to Zimra not considering local currency payments for VAT
- Company paid US$9.2 million following “pay now, argue later” principle
- Concerns over ambiguities in tax legislation leading to disagreements
- Company holds Treasury Bills receivable from Government to settle tax liabilities
- Appeal involves VAT legislation interpretation, rates, exemptions, local currency payments, penalties, and interest
- Uncertain timing of resolution, but company believes current accounting treatment is appropriate
Source: chronicle.co.zw
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
