Change of VAT rate on Imports With effect from 1 January 2020, the rate of value added tax on standard rated goods was reduced from 15% to 14.5%. What is the effect of the change on imported goods? If the goods being imported are subjected to value added tax in terms of the value added tax regulations they shall be subjected to value added tax at 14.5% at the time of importation. VAT is charged on imported goods subject to the following conditions: a)    The goods being imported are liable to Vat in terms of the Value Added Tax General Regulations. b)    At the time of importation a bill of entry (Form 21) is used to clear the goods. How is the VAT calculated on imported goods? The customs duty is added to the value for duty purposes (VDP) to establish the value for tax purposes (VTP).14.5% is then applied to the value for tax purposes to establish the value added tax payable. The value for tax purposes on imported goods is calculated as follows: Value for customs duty purposes                                   AAAA Add Customs duty                                                          BBBB Value for Tax purposes                                                  CCCC VAT at 14.5 % ( 14.5% X CCCC)         Is the value added tax paid on importation claimable on VAT return (VAT 7) Any VAT paid at importation is claimable on VAT return provided the importer is a registered operator (RO). A copy of the bill of entry on which the vat was charged is used as the tax invoice. VAT on imported goods is claimable within one year from the date of importation. 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.    To contact ZIMRA: WhatsApp line                            : +263 782 729 862 Visit our website                        :  www. zimra.co.zw Follow us on Twitter                 :  @Zimra_11 Like us on Facebook                 :   www.facebook.com/ZIMRA.11 Send us an e-mail                      :  This email address is being protected from spambots. You need JavaScript enabled to view it./webmaster@zimra.co.zw Call us (Head Office)                    :   0242 –758891/5; 790813; 790814; 781345; 751624; 752731 e-TIP                                           : http://ecustoms.zimra.co.zw/etip/ Change of VAT rate on Imports With effect from 1 January 2020, the rate of value added tax on standard rated goods was reduced from 15% to 14.5%. What is the effect of the change on imported goods? If the goods being imported are subjected to value added tax in terms of the value added tax regulations they shall be subjected to value added tax at 14.5% at the time of importation. VAT is charged on imported goods subject to the following conditions: a)    The goods being imported are liable to Vat in terms of the Value Added Tax General Regulations. b)    At the time of importation a bill of entry (Form 21) is used to clear the goods. How is the VAT calculated on imported goods? The customs duty is added to the value for duty purposes (VDP) to establish the value for tax purposes (VTP).14.5% is then applied to the value for tax purposes to establish the value added tax payable. The value for tax purposes on imported goods is calculated as follows: Value for customs duty purposes                                   AAAA Add Customs duty                                                          BBBB Value for Tax purposes                                                  CCCC VAT at 14.5 % ( 14.5% X CCCC)         Is the value added tax paid on importation claimable on VAT return (VAT 7) Any VAT paid at importation is claimable on VAT return provided the importer is a registered operator (RO). A copy of the bill of entry on which the vat was charged is used as the tax invoice. VAT on imported goods is claimable within one year from the date of importation. 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.    To contact ZIMRA: WhatsApp line                            : +263 782 729 862 Visit our website                        :  www. zimra.co.zw Follow us on Twitter                 :  @Zimra_11 Like us on Facebook                 :   www.facebook.com/ZIMRA.11 Send us an e-mail                      :  This email address is being protected from spambots. You need JavaScript enabled to view it./webmaster@zimra.co.zw Call us (Head Office)                    :   0242 –758891/5; 790813; 790814; 781345; 751624; 752731 e-TIP                                           : http://ecustoms.zimra.co.zw/etip/

Locally registered charitable or welfare organisations may enjoy  Customs Duty  and Value Added Tax (VAT) free concession on importations of donated goods which are approved by the Commissioner General of the Zimbabwe Revenue Authority (ZIMRA).

Organisations eligible to enjoy the rebate

• Organisations involved in charitable or welfare work and registered with the responsible authority being the Department of Social Services falling under the Ministry of Labour and Social Services.

Types of goods

• All goods provided they are fully donated.
• Vehicles such as passenger type, commonly known as sedans and station wagons; passenger carrying vehicles such as buses, minibuses and the like; and other goods carrying vehicles.

Exclusions

The rebate of duty does not apply in the following circumstances:

• Goods purchased from funds obtained from local banking institutions or from local branches of banking institutions registered and operating in Zimbabwe whether or not the funds were donated unless there is proof that the funds were deposited into local banking institutions from a foreign source in order to purchase goods for the use of the charitable organisation
  • Second hand or used motor vehicles
  • Road Tractors (“horses” for pulling trailers), agricultural tractors, special purpose motor vehicles such as works trucks, concrete mixers and the like, and motor cycles
  • New clothing, new shoes and new bed linen

Application procedure

Prior to importation of the donated goods, the organisation or association should submit an application at the nearest Zimbabwe Revenue Authority office with written particulars of:

• the objects of the association or organisation
• the goods in respect of which a rebate is sought, which is the full description of the goods; and
• the use to which the goods are to be put; and
• evidence of the donation, this  could be in the form of a certificate of donation; and
• evidence of purchase of goods by a foreign organisation which is donating the goods; and
• a declaration to the effect that the goods are being imported solely for the purpose of furthering the objectives of the association or organisation; and
• an undertaking that the goods will not be sold or be disposed of in Zimbabwe without the prior written permission of the Commissioner General of ZIMRA and the payment of such duty as maybe due; and
• any other details required by the Commissioner General of ZIMRA.

The document containing the objectives of the association or organisation, maybe in the form of a trust deed or constitution or any other document that creates the particular organisation or association.

Upon fulfilling the above conditions, a rebate letter will be issued by the Commissioner General of ZIMRA.

How are the goods cleared?

The goods should be cleared at the Customs office through which the goods are imported. However clearance should be done through a ZIMRA registered clearing agent and all the documents required should be attached. You may get a list of the registered clearing agents on the ZIMRA website www.zimra.co.zw or from any ZIMRA stations countrywide.

Please Note:

Goods entered under this rebate should not be disposed of within ten years of the date of their entry under such rebate except with the written permission of the Commissioner General of ZIMRA and payment of the duty due.

Any contravention of the requirements may result in the seizure of the goods and the organisation or association may be disqualified from enjoying the rebate of duty on future importations for a period of five years.

Did you know that computers and other selected information and communication products and gadgets can be imported customs duty free? Customs Duty on the importation of products listed in the table below was scrapped in order to promote the development of the information and communication technology sector.

PRODUCT	TARIFF CODE	CUSTOMS DUTY	VAT
Computer (desktop)	8471 50.00	free	14.5%
Laptop/palm top/I-pad	8471 30.00	free	14.5%
Scanner	8471.60.90	free	14.5%
Printer	8443.32.00	free	14.5%
Braille computers	8471 60.10	free	14.5%
Computer parts and accessories	8473 3000	free	14.5%
Cordless handset	8517 1100	free	14.5%
Base stations/ boosters	8517 6100	free	14.5%
Radar apparatus	8526 1000	free	14.5%
Aircraft communication or navigation apparatus	8525;8526 and 8527	free	14.5%

How to clear the goods

Commercials imports have to be cleared on a Bill of Entry Form 21 through a registered clearing agent. If the goods are less than US$1,000 (one thousand Untied States Dollars) they can be cleared on a Form 49 with or without the use of the services of a clearing agent.

None merchandise goods imported by private individuals (private imports) attract Import Duty at a flat rate of 40 per cent, except in situations where one elects for the use of the appropriate Customs tariff prior to clearance. Private imports can be cleared on a document used for private clearance (Form 49) without the use of a clearing agent.

Which documents need to be attached to the declaration on clearance?

• Invoice from the supplier
• Consignment note/freight statement (where applicable)
• Export documents from the country of export ( where applicable)
• Permits/licences from the relevant issuing authorities, for instance POTRAZ (where applicable)
• Any other relevant documents that may be requested by the Zimbabwe Revenue Authority (ZIMRA)

Please Note:

• The above list is not exhaustive. Customs Duty rates for other products not listed can be obtained upon request from your nearest ZIMRA office, or can be obtained from the ZIMRA website.
• Goods have to be properly declared and entered for clearance at the point of entry.
• VAT is still payable at 14.5 per cent.

REBATE OF DUTY ON CAPITAL EQUIPMENT IMPORTED FOR USE IN SPECIFIED INDUSTRIES S.I. 6 of 2016 allows importers in specified industries to import capital equipment without paying customs duty and VAT?  S.I. 6 of 2016 clearly defines capital equipment for specified industries as: v  Plant, equipment or machinery which is used exclusively for mining purposes on a registered mining location as defined in the mines and minerals act as the minister may approve, in consultation with the minister responsible for mines and minerals. v  Plant , equipment or machinery which is used exclusively for manufacturing  or industrial purposes in, on or in connection with a factory as the minister may approve , in consultation with the minister responsible for the industry. v  Plant, equipment or machinery which is used exclusively for agricultural purposes as the minister may approve, in consultation with the minister responsible for agriculture. v  Plant, equipment or machinery which is used exclusively for energy generation and or distribution as the minister may approve, in consultation with the minister responsible for energy. v  Plant, equipment or machinery which is used or will be exclusively for in the health sector in the provision of health services as the minister may approve, in consultation with the minister responsible for health( S.I. 63 of 2018) The rebate of duty is granted on capital equipment as defined above which has been certified by the secretary of the responsible ministry for that industry and approved by the minister of Finance on importation. This rebate of duty does not cover motor vehicle intended for use on roads or capable of being used on roads. Conditions of the rebate If the capital equipment imported under these regulations has not been commissioned within 6 months from the date of importation, duty and VAT become due and payable. No person to whom a rebate has been granted shall sell or dispose of the equipment within 10 years of the date of its entry under rebate without prior written permission from the Commissioner. The applicant must be registered by ZIMRA as a Taxpayer and should have a valid Tax Clearance Certificate.   Procedure for Applying for the rebate For an importer to benefit from this rebate an application has to be made to the proper customs officer with the following documents: a)    An application letter signed by the importer b)    A valid tax clearance, c)     Approval from the ministry of finance, d)    A letter from the responsible ministry for that industry ( e.g. from ministry of agriculture), e)    A declaration clearly stating the use to which equipment will be used for, and f)     A letter of undertaking that in the event that the equipment is used for other purposes other than for which a rebate was granted duty due will be paid forthwith. Who can benefit from this rebate? A registered taxpayer with ZIMRA who has a valid tax clearance Importers in the following sectors: Mining, Manufacturing or industrial, Health Agriculture and Energy. 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.    To contact ZIMRA: WhatsApp line                            : +263 782 729 862 Visit our website                        :  www. zimra.co.zw Follow us on Twitter                 :  @Zimra_11 Like us on Facebook                 :   www.facebook.com/ZIMRA.11 Send us an e-mail                      :  This email address is being protected from spambots. You need JavaScript enabled to view it./webmaster@zimra.co.zw Call us (Head Office)                    :   0242 –758891/5; 790813; 790814; 781345; 751624; 752731 e-TIP                                           : http://ecustoms.zimra.co.zw/etip/

Did you know that in terms of section 24 of the Value Added Tax, Chapter 23:12, any registered operator who intends to cease trading, should notify the Commissioner General of the Zimbabwe Revenue Authority (ZIMRA) in writing, of his decision 21 days prior to the cessation of trade?

The Commissioner General of the Zimbabwe Revenue Authority shall cancel the registration of the respective applicant with effect from the last day of the tax period during which all such trades ceased. In winding up his business, it is likely that the trader will have unsold stock, which one way or the other, he has to dispose of. Once this stock has been properly accounted for as explained in the following paragraphs, the trader may dispose of the stock.

Treatment of stock at hand upon cessation of trade

Where the trader has stock at hand at the time he applies for cancellation, he shall be deemed to have made a supply of such stock as remains at hand as at that date. However it should be noted that if the registered operator was denied input tax deduction, then he shall not be obliged to account for VAT pertaining to the outstanding stock in question.

Reason for deeming Stock at hand supply

Stock on hand at the time of application for deregistration for VAT purposes, where the operator has claimed input tax is a deemed supply. This is so because once a deduction for input tax has been allowed for purchases, output tax must be accounted for. Failure to do so would result the operator benefiting unduly to the prejudice of the fiscus.

Time of Supply

In terms of Section 8 (5) of the VAT Act, where a registered operator’s registration is cancelled and he ceases to be a trader, the  time of supply of  any goods and services is deemed to be immediately before he ceased trading  i.e. immediately before the registration is cancelled by the Commissioner General of ZIMRA.

Value of Supply

In terms of Section 9 (8) of the VAT Act, a registered operator who ceases trading and has stock on hand shall be deemed to have supplied such stock for a consideration in money equal to the lesser of cost or open market value at that time.

Example

Roselyn Pvt Ltd ceased trading on 25 November 2012, stock as at that date was valued at $200,000; however the total cost upon purchase was $180,000. The company shall account for output tax on $180,000 since it is the lesser of the two. Therefore output tax of $23,478.26 (15/115*180000) should be accounted for.

Cancellation of Registration

Once satisfied that the operator has fulfilled all the requirements and that all VAT has been properly accounted for, the Commissioner General of ZIMRA will cancel the registration and withdraw the VAT registration Certificate.

1. What is fiscalisation?

 

Fiscalisation refers to configuring of fiscal devices to enable them to record sales and other tax information on the read only fiscal memory at the time of sale for use by the tax authorities in VAT administration.  It was introduced in Zimbabwe on the 8^th of June 2010 through statutory instrument 104 of 2010.

 

The law requires that, all operators who qualify to register under VAT category C i.e. those with turnover of US$240 000.00 and above per annum, record their sales using fiscal memory devices.

 

The effective date for fiscalisation was the 1^st of October 2011, with a possible extension of 90 days.  Every registered operator in category C was expected to be fully fiscalised by that date.  Those who failed to meet the deadline will be liable to penalties in terms of the law

2. Approved Suppliers

 

In terms of Statutory Instrument 104 of 2010 (Sec 9), fiscal memory devices can only be purchased from approved suppliers.  The list of the approved suppliers and the devices they are authorised to supply was published in the Government Gazette of 29 July 2011

3. Roles of the approved suppliers

• To import and distribute approved fiscal devices
• To supply correct devices to operators in terms of models and advise suitability of the devices depending on the nature of business.
• To install and configure the device on the client’s system and to ensure that everything is in good operating order before the device can be used.
• To provide training and back up support to registered operators after enabling the devices to record information in the read only memory.
• To repair faulty devices. 
  • N.B. Repairs can only be done after the registered operator has made a report to Zimra and given a reference number for the fault report.
  • Maintain adequate stocks of devices and spare parts.

 

4. Roles of Registered Operators

i) Before fiscalisation

 

• To acquire appropriate devices from approved suppliers
• To integrate their systems to the device (including interfaces where necessary)
• To register the devices with Zimra by completing and submitted to Zimra Form FRT1.

a)      N.B. Form FRT1 can be obtained from Zimra offices, from the approved supplier or the Zimra website (www.zimra.co.zw).

• To ensure there is back up power supply capable of lasting at least eight hours from the time the power supply ceased.
• To liaise with the supplier on the following issues:

i)        On installation and configure the devices onto the client`s system.

ii)      Programming the gadget into fiscal mode.

iii)    Print test Z-Report indicating that the device is now in fiscal mode.

• To liaise with the Zimra on the following issues:

i)        Confirmation that the device is working and ready to record tax information.

ii)      To seal the device.

(1)   N.B. This indicates that the device is ready for use.

 

ii) After Fiscalisation

• Permanently affix the device registration number on the device.

• Record all sales using the device once it has been fiscalised and not to use any alternative systems without the approval of Zimra.
• Prepare daily, monthly and annual reports of the sales and VAT.
• Keep records for six years
• Keep a record of the servicing of the device
• Ensure that no other person uses the fiscalised device.
• Report all faults to Zimra promptly or no later than eight hours from time of occurrence and get reference numbers for all faults reported.
• To ensure that any breaking of the seal is approved and always done in presence of Zimra.

 

1. 5. Roles of ZIMRA

• Provide client education and attend to any queries raised on fiscalisation.
• Register devices for which fully completed  FRT1 forms have been submitted
• Issue a letter notifying the registered operator of their registration numbers for the devices that have been registered
• Seal devices that have been successfully fiscalised.
• Registering of faults reported by registered operators and issuing of fault report reference numbers.
• Attending to faults where there is need to open the device to remove the seals and replace the seals once the device has been repaired.
• Conduct inspections of the devices to confirm their proper usage.

 

1. 6. Reporting Faults

• If a device is going to be out of use for more than eight hours due to interruption in power supply, theft, technical fault or any other similar reason the registered operator should report to Zimra through the call centres promptly or within eight hours from the time the device went out of use
• On receiving the report Zimra will record it and advise the registered operator the reference number
• If the fault occurs after business’ operating hours the registered operator should make a report by 0800 hrs on the following working day.
• Registered operators should only use alternative systems or manual systems to record sales on approval by Zimra. However, if a report is made and a reference number assigned and Zimra does not give direction on recording of sales the registered operator can use alternative systems after four hours.

 

The following are contact numbers for any queries or faults reporting.

 

REGION	STATION	FISCALISATION SUPERVISOR/ MANAGER	Cellphone	Landline
SCO Kurima	SCO	K Charangwa	0772 177 333	0242-794677 /799712
MCO Kurima	MCO	Sithole Henry	0719 556 550	0242 791503
LCO	LCO	K Furayi	712617643
	LCO	M Muzawazi	772277672
	LCO	R Tarinda	712624292
REGION 3	Mutare	Mwadziwana Edmore	0772 411 115
	Rusape	Madya Wadzanayi	0712 667 811
	Gweru	Murevani Wisper	0772 596 630
	Masvingo	Dzvuke Ian	0772 207 123
	Kwekwe	Mutote Tamuka	0712 431 685
	Kadoma	Ndemera Muranganwa	0772 172 523
	Chiredzi	Ruwuyu Loreen	0772 386 626
	Chipinge	Chimeura Jeff	0775 140 538
REGION 2	Bulawayo	I Tawonezvi	0772 297 621	0292 71891
	Bulawayo	G Nleya	0772 413 768
	Gwanda	S Mungani	0772 168 181
	Beitbridge	G Mahowa	0712 617 659
	Hwange/Victoria Falls	M Masara	0772 172 505	832844476

 

 

Any individual earning income from employment, trade or investments which is taxable can claim tax credits which may reduce their chargeable tax. What is the purpose of tax credits? Credits are meant to reduce the tax payable and therefore increase disposable income for the taxpayer. Credits are designed for specific categories of taxpayers to address special social welfare needs such as expenses towards improvement or maintenance of health and/or the control of permanent physical, mental and visual disability. Categories of Tax Credits Mentally or Physically Disabled Persons’ Credit The credit for this category is US$900.00 per annum or $75.00 per month. The credit shall be deducted from the income tax with which the taxpayer is chargeable, where it is proved that the taxpayer is mentally or physically disabled to a substantial degree, but is not blind (a separate credit is available for blindness). The credit shall also be deducted from the Income Tax with which a taxpayer is chargeable in respect of each child of the taxpayer who is proved to be mentally or physically disabled to a substantial degree. To qualify, the person claiming the credit must have medical proof supplied by a specialist medical practitioner, of permanent substantial disability and apply for a written directive from their nearest ZIMRA office. Temporary disability such as is caused by injury due to an accident or illness for which rehabilitation or cure can reverse the condition does not qualify as disability for purposes of the credit. Mentally disabled persons who cannot personally attend to the requirements stated above can   be   assisted by a representative and in the case of applications by their employer. Any portion of the deductible credit which is not applied to reduce the chargeable tax for a married person can also be allowed as a deduction from the chargeable tax which his or her spouse is chargeable. This means that spouses can benefit from each other’s concessions. In that case, both spouses should complete and submit separate returns for the relevant tax year so that the transfer of the credit can be facilitated, each person claiming the portion not claimed by the other. To claim the disability credit, the taxpayer must have been ordinarily resident in Zimbabwe in the period of assessment. Elderly Person`s Credit The credit for this category is US$900.00 or $75 per month. To qualify, the person claiming the credit must be aged 55 years or above prior to the commencement of the year of assessment. Where the assessment period is less than 12 months, the amount (credit) shall be reduced proportionately. The tax return should be accompanied by proof of the taxpayer’s age in the form of a birth certificate or national identification card showing the date of birth. Blind Person`s Credit The credit for this category is US$900.00 or $75 per month. The credit shall be deducted from the income tax with which a taxpayer who is a blind person is chargeable. To qualify, the person claiming the credit must have medical proof supplied by a specialist medical practitioner, specifying the degree of his blindness. Taxpayer in this case, means any person in respect of whom an assessment is made in terms of the Taxes Act. The taxpayer should then apply for a directive at the nearest ZIMRA office for consideration by the employer. Any portion of the deductible credit which is not applied to reduce the chargeable tax for a married person can also be allowed as a deduction from the chargeable tax which his or her spouse is chargeable. This means that spouses can benefit from each other’s concessions. In that case, both spouses should complete and submit separate returns for the relevant tax year so that the transfer of the credit can be facilitated, each person claiming the portion not claimed by the other. Credit for the Cost of Purchasing Invalid Appliances The credit for this category is 50% of the total cost of the appliance used by the taxpayer, his/her spouse or any of his/her children including step children and legally adopted children in respect of any of the following appliances: a wheelchair, any artificial limb, leg calipers or crutch; or any special fitting for the modification or adaptation of a motor vehicle, bed, bathroom or toilet to enable its use by a person suffering from a physical defect or disability; or spectacles or contact lenses The taxpayer should submit evidence of such purchase and proof of the cost thereof for consideration to their employer or complete a return and attach evidence of such purchase and proof of the cost thereof. Please note that this credit is open to residents of Zimbabwe only. Medical Expenses Credit The credit for this category is a total of 50% for ‘‘medical expenses'' paid for. These should be expenses incurred by the taxpayer and paid by him for services rendered to him/her, his/her spouse and minor children, including step children and legally adopted minor children and cannot be extended to anyone else.  A credit will not be allowed to the extent that the taxpayer is entitled to a refund or payment from any source whatsoever in connection with the expense (for example, a credit is not allowed where a refund is awarded by a medical aid society). These medical expenses include expenses paid for the following: Services rendered by a medical or dental practitioner Drugs and medicines supplied on the prescription of a medical or dental practitioner Accommodation on admission, maintenance, nursing and treatment, including blood transfusions, X-ray and laboratory examinations and medical tests in a hospital, maternity-home, nursing-home, sanatorium, surgery, clinic or similar institution Transportation by ambulance, including an air ambulance Medical aid contributions to a medical aid society in respect of the taxpayer or his/her spouse or any minor children. In claiming the credit, the taxpayer should attach evidence of the expenses claimed in their original forms. To claim the medical expenses credit, the taxpayer must have been ordinarily resident in Zimbabwe in the period of assessment. Example of Tax Credits application Below is an example of the computation covering some credits. Note that taxpayers may claim a combination of applicable credits where they qualify, for example, one may be blind (blind person’s credit) and suffer a physical disability (disability credit), necessitating the use of an orthopedic appliance the cost of which may also be claimable as a credit. Hypothetically, let us take the case of a qualifying elderly person (over 55 years) whose income is US$3000 per month and who contributes US$120 to NSSA and US$200 to a medical aid society. Injured in a road accident, he incurs medical expenses amounting to US$350 and purchases an artificial limb for $150 during the period of assessment to replace an amputated leg. His chargeable tax for the month, accommodating the applicable credits, will be calculated as follows: Calculation of Tax Due Earnings 3,000 less: Allowable deductions- NSSA 120 Taxable Income 2,880 Tax There on (per tax tables) 585 Less Credits: Med Aid Contributions @ 50% of $ 200 100.00 Medical Expenses      @ 50%  of  $350 175.00 Purchase of artificial [email protected] 50% of $150.00 75.00 Physical Disability Credit 75.00 Elderly Person's Credit 75.00 500 Tax after credits 85 Add: Aids Levy @ 3% 2.55 Total payable 82.55 Please note that false claims will not only be disqualified, but constitute offences for which the taxpayer concerned may be penalised and/or prosecuted. Our valued clients are reminded that the Value Added Tax for the month of March 2018 is due on or before 25 April 2018. Our clients are also reminded to take advantage of the TAX AMNESTY that is closing on 30 June 2018. 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. To contact ZIMRA: WhatsApp line                            : +263 782 729 862 Visit our website                        :  www. zimra.co.zw Follow us on Twitter                 :  @Zimra_11 Like us on Facebook                 :   www.facebook.com/ZIMRA.11 Send us an e-mail                      :  This email address is being protected from spambots. You need JavaScript enabled to view it./This email address is being protected from spambots. You need JavaScript enabled to view it. Call us (Head Office)                  :   04 –758891/5; 790813; 790814; 781345; 751624; 752731 e-TIP                                           : http://ecustoms.zimra.co.zw/etip/

The Zimbabwe Revenue Authority (ZIMRA) hosted its annual Charity Ball on 2^nd November 2012 at The Rainbow Towers Hotel under the theme “ZIMRA: Transforming lives”, and raised nearly US$150,000 which is twice the amount raised for selected charity cases last year.

The Charity Ball saw more than sixty companies supporting ZIMRA’s corporate social responsibility initiatives through sponsorships, buying tables and making donations. This year the four sponsorship levels categorised into Platinum (US$20,000), Diamond (US$15,000), Gold (US$10,000) and Silver (US$5,000) were tabled out for the companies to take.  To beef up the traditional dinner tables purchased, the 2012 Charity Ball received two (2) Platinum, two (2) Gold, and five (5) Silver sponsorships.

Speaking at the occasion, the Guest of Honour and Chief Executive Officer for Nicoz Diamond Mrs Grace Muradzikwa, encouraged corporates to take up an active role in assisting the less privileged.

“Organisations must feel heavily indebted to communities in which they have business interests as part of their adherence to tenets of good corporate governance. Corporate Social Responsibility should, thus, form part of the DNA of any organisation worth its salt,” she said.

“ZIMRA has proven beyond any reasonable doubt that tax collectors are not as stone-hearted as most of us thought they were. The tax collector has even managed to compete with profit making organisations in making a positive impact in community development,” Said Mrs Muradzikwa who commended ZIMRA for setting a good example to help the less fortunate members of society.

The ZIMRA Commissioner General Mr Gershem Pasi thanked the corporate world for their continued support.

“This fundraising initiative takes into consideration that we have a role to play in eradicating poverty and hunger through assisting vulnerable members of our society. As ZIMRA, we could not have done even a fraction of what we are doing now had it not been for your overwhelming support as the corporate world”, said Mr Pasi.

In 2011, the ZIMRA Charity Ball raised over U$70,000.00, and the proceeds have benefitted several selected homes and individuals. The beneficiaries have been assisted in establishing or enhancing their sustainable projects. Proceeds from the 2012 Charity Ball will be channelled towards selected charities from ZIMRA’s regions which cover the whole of 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. 

The National University of Science and Technology (NUST), in collaboration with the Zimbabwe Revenue Authority (ZIMRA) have established a Masters of Science degree in Fiscal Studies to be offered during the 2010/2011 academic calendar. This is part of ZIMRA’s efforts to expand knowledge in Tax and Customs administration. In 2006, ZIMRA and NUST introduced the Bachelor of Commerce Honours degree in Fiscal Studies which initially targeted ZIMRA members of staff but was opened up to the public in 2007.

 

Fiscal Studies

The National University of Science and Technology (NUST), in conjunction with the Zimbabwe Revenue Authority, introduced a Bachelor of Commerce Honours degree in Fiscal Studies in 2006. The first group will be graduating before the end of this year. The two partners will also be introducing a master’s component of the programme during the 2010/2011 academic year.

BACHELOR OF COMMERCE HONOURS DEGREE IN FISCAL STUDIES

Entry Qualifications

• Five `O’ Level passes including English and Mathematics [A,B, or C Grades]

At least two `A’ level passes At least 2 “A” level passes for non-ZIMRA      employees.

• At least 5 “O” levels including English and Mathematics and a Diploma in Taxation plus two years experience for ZIMRA employees.
• There is also provision for mature entry for persons who may not have the appropriate academic qualifications for entry but who have suitable or relevant post-school experience and who satisfy the University and the Department of their ability to complete  degree course satisfactorily.

PROGRAMME STRUCTURE

PART I

FIRST SEMESTER

CAC 1107 Accounting IA

CBU 1102 Business Communication

CIN 1103 Commercial Law I

CBA 1104 Principles of Microeconomics

CBU 1108 Principles of Management

CIN 1106 Quantitative Analysis for Business I

PLC 1101 Peace Leadership and Conflict Transformation I

 

SECOND SEMESTER

CAC 1208 Accounting IB

CIN 1204 Commercial Law II

CBA 1205 Principles of Macroeconomics

CBU 1209 Principles of Marketing

CIN 1207 Quantitative Analysis for Business II

CBU 1209 Principles of Marketing

PLC 1201 Peace Leadership and Conflict Transformation II

PART II

FIRST SEMESTER

CFI 2101 Corporate Finance I

CFS 2101 Tax Law and Practice

CAC 2106 Accounting IIA

CFS 2102 Computer Application in Revenue Management

CIN 2106 Company Law I

CFS 2103 Value Added Tax I

 

SECOND SEMESTER

CFI 2201 Corporate Finance II

CFS 2201 Customs Law

CFS 2202 Public Finance

CFS 2203 Economics of Taxation

CFI 2205 Research Methods in Finance and Economics

CIN 2206 Company Law II

CFS 2204 Customs Management Theory and Practice

PART III

CFS 3001 INDUSTRIAL ATTACHMENT

PART IV

FIRST SEMESTER

CFS 4101 Customs Management Theory and Practice

CFS 4102 International Trade

CFS 4103 Value Added Tax II

CFS 4104 Audit Practice and Investigation I

CFS 4105 Taxation Accounting

CFI 4107 Corporate Governance and Ethics

CFI 4200 Project

 

SECOND SEMESTER

 

CFS 4201 International Economics Integration

CFS 4202 Audit Practice and Investigation II

CFS 4203 Economic and Fiscal Policy

CFI 4206 Financial Modeling

CFS 4204 National Income Accounting

CFS 4205 Interpretation of Statutes and Legal Drafting

CFI 4200 Project

 

COURSE SYNOPSIS

PART 1

REFER TO PART 1 FOR B.COMM FINANCE (ABOVE)

PART 11

CFS 2101    TAX LAW AND PRACTICE

The course will cover topics that include tax administration, income and capital gains, deductions and capital allowances, tax accounting, computation of tax, international aspects, special tax rules for different entities, tax  planning and the computation of taxable amounts and liability.

 

CFS 2102    COMPUTER APPLICATIONS IN REVENUE MANAGEMENT

This course seeks to introduce the students to the computer based revenue management models that can help improve the collection and management of revenue.

CFS 2201    CUSTOMS LAW

This course seeks to examine the customs law act and the regulations that govern the importation of goods.  The valuation of imported goods for customs purpose is also going to be covered.

CFS 2203    ECONOMIC OF TAXATION

The objective is to provide students with a conceptual framework for examining government taxing and to use this framework for analyzing current tax policy and proposals for reform.  The focus will be on evaluating the impact of taxation on the allocation of resources and the distribution of income.  This course is primarily designed to provide students with knowledge of Customs related laws of Zimbabwe and how it is affected by International Customs norms of standards such as the Harmonized System and the GATT valuation code.

CFS 2103    VALUE ADDED TAX I

The courses will introduce VAT Legislation and practice to students and prepare them to be able to apply the statutes to varying practical situations.

 

CFS 2204    CUSTOMS MANAGEMENT THEORY AND PRACTICE I

This subject introduces students to the policy and principles of customs administration and international trends that impact on customs, including social expectations, emerging technologies and the global economy.  A detailed analysis of the role and responsibilities of customs authorities is undertaken, including a historical perspective of the customs function, its evolving role in International trade and commerce and the various international conventions and agreements which impact on customs policy.

 

PART IV

 

CFS 4101    CUSTOMS MANAGEMENT THEORY AND PRACTICE II

This subject introduces students to key aspects of customs policy and practice, international principles governing the assessment of import duties and other taxes, and the implementation of international agreements across a range of customs jurisdictions.  It includes a detailed analysis of particular aspects of customs management, including the classification and valuation of goods for customs purposes, international rules of origin, customs warehouses and free trade zones, transit and transshipment, excise of special import arrangements.

 

CFS 4102    INTERNATIONAL TRADE

The course aims to introduce the students into the main facts of the theory of international trade, as well as to demonstrate principles of applying basic models in the trade policy. The theory of trade policy under imperfect competition is being considered.

 

CFS 4103    VALUE ADDED TAX II

In this course students will examine selected aspects of the rules for taxing income in Zimbabwe, including tax residence and source, the taxation of interest, dividends and royalties, double taxation agreements, non resident withholding tax, foreign tax credits, foreign companies and trusts, transfer pricing and thin capitalization.  Some reference will be made to other countries, income tax regimes and also to recent international tax policy reforms and proposals.

 

CFS 4104    AUDIT PRACTICE AND INVESTIGATIONS I

This course will develop auditing and assurance knowledge and will examine special auditing topics such as comprehensive auditing, non-profit auditing, environment auditing and small business auditing.

 

CFS 4105    TAXATION ACCOUNTING

The course provides a study of the federal revenue acts as they relate primarily to individual income tax theory and practice. topical coverage includes the individual income tax return, gross income inclusions and exclusions, business expenses and retirement plans, self-employed and employee expenses, itemized and other deductions, accounting periods, accounting methods, depreciation, capital gains and losses, and payroll taxes.

 

CFI 4107     CORPORATE GOVERNANCE AND ETHICS

The course seeks to develop in students a firm understanding of the basics of Corporate Governance by getting insights in different corporate governance systems.  The course will also include issues relating to fiduciary duties, risk oversight, audits, internal controls and crisis management.

 

SECOND SEMESTER

CFS4201     INTERNATIONAL ECONOMIC INTEGRATION

The aim of this course is to understand the changing global order by analyzing the basis of globalisation and regionalisation.  In this context, international intergration theory and practice constitute the core of the course, covering issues like customs union, common market and all other trade agreements.

CFS 4202    AUDIT PRACTICE AND INVESTIGATIONS  II.

The course examines strategic audit planning, best practices, fieldwork techniques, audit automation, innovative audit reporting and relationship with the Board and Audit Committee.

 

CFS 4203    ECONOMIC AND FISCAL POLICY

The course will examine the application of economic tools and theory to daily issues and problems in the economy of Zimbabwe.  It will include concepts on resource scarcity allocation, intervention economics and political decision making, fiscal institutions, cost-benefit analysis for public projects, privatization and economics of state enterprises.

CFI4206      FINANCIAL MODELLING

Course aims to give a pragmatic and applied approach to statistical techniques relevant to modern financial analysis.  Students will also study the fundamentals of financial innovation in quantitative finance.  This will involve exploration of major valuation techniques in a variety of contexts including equity option, currency option, fixed income and exotic derivatives.

 

CFS 4204    NATIONAL INCOME ACCOUNTING

The course will examine the complete circular flow model and measuring the national income. The income and expenditure approaches will be covered.

CFS 4205    INTERPRETATION OF STATUTES AND LEGAL DRAFTING

The course provides a general introduction to interpretation of statutes and fundamental rules and techniques of good drafting of pieces of legislation.  It examines both legislative process and the interpretation of statutes.  Students will study various tools of statutory interpretation, including the uses of legislative history materials and the doctrines and textual canons of statutory construction.  Practice in the drafting of basic documents encountered in the general practice of law; course may focus litigation documents, documents, or a combination thereof.

 

MASTER OF SCIENCE IN FISCAL STUDIES

This is a new programme introduced by the University under the Department of Finance to meet the following objectives:

1. 1. To provide a distinct set of knowledge, skills and behaviours that are needed to serve the diverse stakeholders in the field of public finance/revenue/economics.
2. 2. To provide internationally recognized standards for the professional development of managers in the areas of public finance/revenue/economics.
3. 3. To provide a global resource for the government and the private sector, as well as regional governments.
4. 4. To provide a knowledge-base for those students who wish to pursue further studies and research in the field of public finance/revenue/economics, particularly, trade, customs and taxes.

 

ENTRY REQUIREMENTS

To be considered for admission to the Master of Science in Fiscal Studies programme, a candidate should normally hold:

• A good honors degree in a commercial field, specifically, Fiscal; Public Finance; Public Economics; Customs; Taxation; Economics; Finance; Accounting; Business Studies; Commerce; or their equivalents; or
• · A Bachelors degree in any discipline plus an acceptable postgraduate diploma or professional qualifications from an accredited university/institution with a Fiscal-, Public Finance-, Public Economics-, Customs-, Taxation-, Business-, Finance-, Economics-, Accounting-, or Commerce-related content.  In addition, the candidate should possess relevant experience; or
• · An Honours degree in any discipline, plus extensive experience in the areas of Fiscal, Public Finance, Public Economics, Economics, Finance, or equivalents, subject to approval by the senate on approval by the faculty.

 

DURATION OF PROGRAMME AND DELIVERY SYSTEMS

The programme will normally be on a 24-month part-time basis, to be conducted from the National University of Science and Technology. The programme will be presented in modular format over its duration, consisting of 13 full weeks of delivery (56 contact hours per module).  Students also have to complete a research dissertation.

 

REGISTRATION

Registration of students shall normally be in July/August every year.

 

PROGRAMME STRUCTURE

 

STAGE I

CORE MODULES

CFS    5101   Public Finance and Debt Management

CFS    5102   Policy Development and Implementation

CFS    5103   Fiscal Decentralisation and Local Government Financial Management

CFS    5105  Ethics, Governance and Development

CFS    5104   Research Methodology*

* Examinable by Coursework

STAGE II

CFS 5204      Financial Econometrics and Data Analysis

CFS    5201   Revenue Forecasting, Mobilisation and Modelling

CFS    5202   International and Comparative Intellectual Property

CFS    5203   Applied Strategic Management

 

STAGE III

Elective Modules (To select four)**

General Fiscal Studies/Public Finance/Revenue Electives

CFS    5301   Advanced Budgeting in the Public Sector

CFS    5318  Project and Programme Planning and Management

CFS    5302   Public Sector Risk Management

CFS    5303    Service Operations Management

CFS    5304   Valuation, Pricing and Revenue Management

Customs Electives

CFS    5305   International Commercial Transactions Law

CFS    5306   Multilateral System of Trade and Relations

CFS    5307   Customs Management and Reform

CFS    5308   International Supply Chain Management

CFS    5309   Strategic Export Controls

CFS    5310   International Aviation and Space Law

CFS    5311   Non-Tariff Trade Rules

Taxes Electives

CFS    5312     Comparative Tax Policy and Reform

CFS    5313   Taxation of International Trade

CFS    5314   Environmental Taxation

CFS    5315   Toxic and Narcotic Substances

CFS    5316   International Tax Planning

CFS    5317   Taxation in a Computable General Equilibrium (CGE) Model

 

**Elective modules will be offered subject to availability of manpower and resources.

 

STAGE IV

CFS    5400  Dissertation

MODULE DETAILS

CORE MODULES SYNOPSES

CFS 5101    PUBLIC FINANCE AND DEBT MANAGEMENT

The thrust of the module is to develop among students an understanding and appreciation of Public Finance and Debt Management from the theoretical and practical point of view. It also enables the students to analyse the financial systems of Zimbabwe and other countries. The major aspects of the module will include sources of public revenue, public expenditure, financial administration, and budgeting principles.  For Debt Management, the major aspects will comprise corporate debt management, public debt management, origins of debt crisis, the oil price shocks, the external debt difficulties of low-income Africa, debt reduction and reconstructing.

CFS 5102    POLICY DEVELOPMENT AND IMPLEMENTATION

The course exposes students to the public policy making process, institutions and actors involved in the public policy making, the political economy of public policy making and role of private sector and non-state actors in public policy making, as well as implementation, monitoring and evaluation of public policies. It includes generic policy processes as well as ways in which such processes are undertaken in different countries; managing politics and the internal and external challenges and opportunities of managing public and non-profit organisations, including organisational mission, values, communication, culture, organisational environment and the policy process, legislative-executive relations, interest group advocacy and media relations; the gap between policy and implementation and how to bridge them. Focus will also be made on different policy environments, focusing on strategies, tactics, and frameworks needed to initiate and sustain policy in authoritarian, democratic, liberal, and one-party states. Pressures from the international system and issues such as globalisation will also be addressed.

CFS 5103    FISCAL DECENTRALISATION AND LOCAL GOVERNMENT FINANCIAL MANAGEMENT

The course contextual framework for transfer of power from central to subnational governments, the scope and nature of fiscal decentralization, and the varied issues involved in affecting it.  Specific topics include: trends in fiscal decentralization; alternative models for structuring a multilevel public sector; expenditure assignment, revenue assignment and mobilization; local government budgeting; intergovernmental transfers, borrowing and debt, creditworthiness and the financial risks of local authorities; capacity building arrangements; “sequencing” of intergovernmental reforms, determination of “fiscal space” for local revenue mobilization; decentralization reform as a strategy for nation building; design of budget policies that support a stable macroeconomic manner; mechanisms for mobilizing revenues in an accountable, transparent manner, mechanisms to support public infrastructure development and its appropriate financing; global lessons of intergovernmental systems and fiscal decentralization.

CFs 5105    ethics, governance and development

CFS 5104    RESEARCH METHODOLOGY

The module is aimed at providing students with research skills necessary to enable them to start conceptualizing and initiating the research process toward their dissertations at the beginning of the programme.  It will also assist the students’ research activities for the rest of the courses.  The course covers: research proposals, literature review, research paradigms, research designs, data collection instruments, research instruments, methods of presentation, analysis and interpretation of research findings, focusing on the field of public finance/revenue/economics, customs and taxes.

CFS 5204    Financial Econometrics and Data Analysis

CFS 5201    REVENUE FORECASTING, MOBILISATION AND MODELLING

The course covers current practices in revenue forecasting and mobilization in different countries and regional blocs; pricing and revenue optimization and legal issues associated with different pricing strategies; influence of economic forecast errors and political institutional factors on the general fund revenue forecast errors; challenges from globalization, corporate tax competition and trade liberalization and revenue replacement principles; distinction between resource-related and other revenues.  Further, the course equips students with techniques of building models on excel, specifically: financial analysis models; sensitivity and scenario analysis; capital budgeting; bond analysis; VAR and simulation models.

CSFS 5202  INTERNATIONAL AND COMPARATIVE INTELLECTUAL PROPERTY

The course enables students to be able to identify the sources of international intellectual property (IP) law and apply them to their own country’s environment. Topics include: principles and concepts of IP law, including copyright, trademark, and patent law; role of IP as a tool of world trade; role and impact of global industry and non-governmental organisations in shaping IP policy, including regulation of biotechnology, electronic commerce and impact of IP on the environment and human rights; IP rights in the international trading environment and application thereof across a range of jurisdictions and in relation to specific issues; international agreements and dispute procedures on IP; and comparative evaluative studies on implementation of particular treaties in various countries.

 

CFS 5103    APPLIED STRATEGIC MANAGEMENT

The course aims at identifying and evaluating options for strengthening the performance of public organisations and managing changes in the public sector.  Topics include: concepts and thesis of strategic management in public sector; vision, mission and objectives; development of strategy process; strategic planning; implementation; monitoring; evaluation and taking corrective steps; management of change in organisation. It also requires students to distinguish between strategy process, strategy content and strategy context and merging the three dimensions into a comprehensive view of strategic management. It also covers advanced topics in the strategy field and challenges in strategy implementation faced when operating in the global environment.

ELECTIVE MODULES

CFS 5301    ADVANCED BUDGETING IN THE PUBLIC SECTOR

The course covers more advanced topics in governmental budgeting and financial management. It gives an overview of public and nonprofit budgeting systems and covers tools and techniques for budget analysis.  Further, it provides an overview of the functions, expenditures, and revenues of state and local governments. Topics include: budget structures, classification and reform, revenue forecasting, revenue estimating and tax expenditure budgets, revenue and expenditure analysis (determining the supply and demand for public fiscal resources); intergovernmental fiscal relations, debt administration, managing funds (including working capital); budgeting as a mechanism for financial planning and management; budget cycle; budget adoption and execution; analytical techniques for budgeting and financial planning; fiscal impact analysis; management information and performance evaluation systems.

CFS 5318    PROJECT AND PROGRAMME PLANNING AND MANAGEMENT

CFS 5202    PUBLIC SECTOR RISK MANAGEMENT

The course provides the opportunity to view risk management strategically than more conservatively as compliance to regulations, providing effective risk management systems and tools and incorporating effective use of information and technology in managing risk.  It examines a variety of frameworks and models of risk with respect to regulation, policy, and decision-making. The aim is to enable management to effectively deal with uncertainty and its associated risk and opportunities, enhancing the capacity to build value, to deliver more effective services more efficiently and economically.  Topics include: risk assessment and analysis methodology (quantitative and qualitative); sources of risk; risk management process; identifying events; appropriate risk management strategies; control activities; information and communication tools; public sector risk structures and processes.

CFS 5303    SERVICE OPERATIONS MANAGEMENT

The course examines how services can be delivered in a way that is responsive to the needs of those being served and maximized the effective utilization of resources.  It addresses questions of organisational design, personnel, and operations management, inter-organisational networks, process analysis, sustaining the service organisation, services integration, improving production flows, measuring and managing for performance.

CFS 5304    VALUATION, pricing and revenue management

The course equips students with the necessary skills and knowledge to determine the value of goods and services in the public sector.  It also covers valuation for taxes and customs purposes.  It also covers appreciation determining the impact of issues such as royalties and discounts on the value of goods. Specifically, it enables students to determine the customs value of imported goods under their national legislation, drawing extensively from international practice and domestic case law.  In addition, it provides the principles of the World Trade Organisation (WTO) Valuation Agreement on Tariffs and Trade (Valuation Agreement), analyze adjustments required to arrive at a correct valuation for their customs administration, determine when to use a valuation method other than the transaction valuation, using acceptable WTO Valuation.

 

CFS 5305    INTERNATIONAL COMMERCIAL TRANSACTIONS LAW

The objective of the course is to provide students with an understanding of the legal environment in which international trade and commerce are conducted by business entities in both civil and common law countries. Both private and public law aspects of international trade and commerce will be examined.  Private law covers transactions relating to sale of goods, forms of payments, customs, shipping law, insurance law, securities over international transactions in traditional and electronic forms, and private international aspects with particular reference to dispute resolution.  Public law covers the impact of international obligations, both multilateral and bilateral, on the conduct of trade and commerce, as well as principles of international law relating to contracts and dispute settlement and arbitration.

CFS 5306    MULTILATERAL SYSTEM OF TRADE AND RELATIONS

The course provides students with a comprehensive understanding of GATT/WTO law in the regulation of international commerce, with particular emphasis on trade in goods, trade in services, dispute resolution, and trade facilitation.  This includes identification of GATT/WTO issues and their implications for practice; GATT/WTO law reform and implications thereof for customs law and practice; and other areas of trade law with suggestions for reform. Other topics include: economics of trade; investment issues; the WTO Agreement on Trade-Related Investment Measures; bilateral investment treaties; GATT/WTO rules on regional trade agreements (RTAs).

CFS 5307    CUSTOMS management and reform

The course enables students to apply contemporary administration methods and the newest management practices in practical everyday activities, analyze practical situations, evaluate arising problems and make proper decisions; use national and international networks and customs computer databases; apply special international trade customs policy, international carriage and logistics knowledge; implement contemporary customs tasks and functions and form customs strategy.  Specific topics include: comparative analysis of public administration; administrative legal relations in customs activities administration of customs; strategic development of the state; customs policy of different regional blocs; international trade; protection of intellectual property in international trade; customs strategies of different regional blocs.   Further, the course addresses issues relating to customs reform and modernization, mainly, the requirements for reform and modernization of customs structures, policies and procedures; the significance of international conventions, such as the Kyoto Convention and the role of the World Customs Organisation (WCO) in supporting customs reform and modernization; the design and implementation of strategic planning for customs administration; challenges to the change process; strategic planning and change management techniques and strategies to support a reform and modernization process.

CFS 5308    INTERNATIONAL SUPPLY CHAIN MANAGEMENT

The course provides an understanding of the effective operation of the international supply chain and the role of customs (both for imports and exports) inside it, the needs of its component parts and the opportunities it presents for effective control and trade facilitation.  It provides a detailed study of: the WTO instruments for trade facilitation and safeguard measures; the Revised Kyoto Convention; the SAFE Framework of Standards; supply chain management; opportunities and barriers; stakeholder requirements (banking and insurance sector, importers and exporters, logistics and transportation companies, clearance agents, public, international associations and organisations, national bilateral and multilateral agencies, and the final clients); capacity to integrate customs inside the supply chain.

CFS 5309    STRATEGIC EXPORT CONTROLS

The course is designed to equip students with a comprehensive knowledge of export controls of defence and strategic goods and how these controls fit into global non-proliferation efforts of weapons of mass destruction (WMI). It covers international treaties, regimes and UN sanctions; export control administration and process; Export control legislation in various countries and their global impact; risk assessment/risk of diversion and the role of intelligence.

CFS 5310    INTERNATIONAL AVIATION AND SPACE LAW

The course examines the environment and multilateral legal principles and institutional framework within which international aviation operates. It provides an analysis and interpretation of the nature of bilateral air services agreements. Further, it examines international conventions and state practices in relation to offences against aircraft; rules relating to liability regime established by the Warsaw Convention and subsequent agreements; international standards relating to establishment and operation of airports, clearance of passengers and cargo through international airports and norms applying to customs quarantine and immigration. The course then examines the multilateral regulation governing the use of outer space for peaceful (and non-peaceful) purposes.

CFS 5311    NON-TARIFF TRADE RULES

The course focuses on current and emerging issues concerning security of the supply chain and authorized trader programs that have been legislated for in many countries.  It provides a comprehensive introduction to international supply chain concepts, benchmarking and best practice approaches to the management of supply chain issues including regulatory compliance and security. To achieve this the course requires that students be able to articulate and apply the principles contained in the World Customs Organisation’s Framework of Standards, explain issues relevant to international regulation of the supply chain, and be capable of developing and implementing a variety of compliance approaches to the regulatory requirements.

CFS 5312    COMPARATIVE Tax policy and Reform

The course provides an overview to the principles and policies that underlie and shape tax systems and reforms.  Principles of good tax policy are explained and applied to various tax rules and tax system features.  Policy issues of key types of taxes are examined.  Students will gain a broader appreciation of the tax law beyond its technical application, as well as how tax, economic, social and environmental policies interact.  In addition, the course examines key tax policy issues that arise in different countries, with a particular focus on the design and structure of the income tax.  It will consider comparative analysis of tax systems, and tax policy principles including equity, efficiency, and ability to pay, progressivity and tax expenditures.  Specific topics include: tax rates, definition of income, personal deductions, that tax unit, taxing corporate and capital income, and tax administration and management on a comparative basis.   An understanding of fundamental tax reform will be gained through study of why major reform is often proposed, the key types of proposals and the issues that arise.

cfs 5313    taxation of international trade

The course covers: taxation regulations and practices faced by international firms (corporate tax, income tax, value added tax, tariffs); tax refunds; tariffs in free zones; taxation in Customs Union Operations; provisional importation; taxation in cross border leasing; and double taxation.

CFS 5314    ENVIRONMENTAL TAXATION

The course provides an introduction to the areas of excise law and administration which relates to the taxation of certain products or processes that impact upon the environment.  There is particular focus on the differing types of approaches to the taxation of such products and processes through the excise system, including levies, off-sets, rebates and incentives.  The course also addresses contemporary issues relating to application of environmentally based taxes, such as impact on local industry and consumers, development of environmental protection technology, and cross border issues. Specifics include: carbon taxation principles; other pollution based taxes; Kyoto Convention and taxation; motor vehicle excises; and the use of taxation incentives to achieve environmental outcomes.

 

CFS 5315    TOXIC AND NARCOTIC SUBSTANCES

The course covers issues relating to the importation and export of alcohol, tobacco and illicit drugs, and the excise and taxation infrastructure thereof.  It provides the framework for understanding the different types of alcohol and their origins, the taxation and administrative issues around the manufacture of alcohol such as blending and repackaging; the main means of taxing alcohol; the factors in setting alcohol policy; impact of alcohol tax on government, consumers and the industry; contemporary issues in alcohol policy and compliance issues.  The course also covers understanding of different types of tobacco products and their origins; excise law and administration which impact upon the manufacture and distribution of tobacco and tobacco products; the main means of taxing tobacco; impact of tobacco tax on government, consumers and industry; factors in setting tobacco tax policy; tobacco tax fraud and global compliance issues.

 

CFS 5316    INTERNATIONAL TAX PLANNING

The course covers the theories, doctrines and principles of international taxation; international trade and taxation principles (including internet trade and its tax liabilities); offshore activities and their tax implications; tax burden minimization; tax avoidance schemes in international trade, licensing, leasing and franchising operations as well as international double taxation avoidance treaties, and international collaborations in the field of taxes; international anti treaty-shopping provisions; comparison of different model conventions (e.g. UN and OECD); comparison of major tax jurisdiction; tax harmonization; tax havens/tax-privileged nations; and off-shore jurisdictions.

 

CFS 5317    TAXATION IN A COMPUTABLE GENERAL EQUILIBRIUM (CGE) MODEL

The course enables students to capture many of the complex interactions between different types of taxes, and their effects upon different sectors, agents, or regions in an economy.  It enables students to understand the basic concepts and theories used in the construction of a computable general equilibrium model (or applied general equilibrium (AGE) model, then use this framework to analyze the impacts of some important taxes, such as environmental tax or goods and services tax, in an economy.  Initially, the issue of interactions (or trade-off) between different types of taxes given a particular level of taxation, will be addressed, followed by the issue of optimal level of taxation which gives rise to the concept of marginal cost of public funds. Topics include: taxation in a first best and second best economy; computable general equilibrium modelling of taxation issues (basic structure of CGE model and how taxes fit into this structure, use of CGE to analyze taxation issues relating to environmental, goods and services, and labour income tax, excess tax burden and marginal cost of public fund); empirical examples (analysis of the results from a practical CGE model of taxation).

CFS 5400    DISSERTATION

The dissertation, which is compulsory, helps students to consolidate theoretical knowledge gained in the Taught Section of the programme by completing a research project under the supervision of the Department staff and or professionals in sectors relevant to the topic being pursued.

 

 

Contact Details

Postal Address

The Chairperson

Department of Finance

National University of Science and Technology

P O Box AC 939, Ascot

Bulawayo

Zimbabwe

Tel: +263-09-282842