What is Business Partner Master Data?

A business partner master data stores information related to the taxpayer such as name, physical address, identification number, bank account details, industry classification, Public Officer and email address. Master data provides valuable information necessary to identify the taxpayer in all aspects, to enable effective communication in administration of tax legislation.

 

What is data integrity?

Data integrity refers to the correctness, accurateness and completeness of data at any given moment. Henceforth, maintaining data integrity becomes a core focus of the Authority.

Who is responsible for updating the business partner master data?

Taxpayer has an obligation to notify the Authority of any changes to information previously given and providing missing information on the master data. On the other hand, ZIMRA has an obligation to notify taxpayers on the state of their master data and to request submission of the missing information by the taxpayer.

Why is it necessary to update the master data and to provide correct information?

  • Low administrative costs
  • ITF 263 queries are resolved easier with effective communication
  • Engagements and other queries are attended to with much ease.
  • Less time is taken to complete compliance checks and audits.
  • Tax updates, invitation to attend workshop and Public Notices are received by taxpayers on time.
  • VAT refunds payments are made on time

When is it due?

Master data update is an ongoing process; clients are encouraged to complete REV 2, which is found on ZIMRA website:  https://www.zimra.co.zw/, and make necessary changes and updates pertaining to the taxpayer and send the completed REV 2 to This email address is being protected from spambots. You need JavaScript enabled to view it..

My Taxes, My Duties: Building my Zimbabwe!!

 

Disclaimer

This article was compiled by the Zimbabwe Revenue Authority for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.