ZIMRA Clarifies: No New Tax on Farm Animals.
Zimbabwe's tax agency denied claims it would tax farmers' livestock. The agency said recent guidelines deal with how farms value animals for record keeping.
ZIMRA issued a notice about livestock value reporting. Farmers can choose how they assess their animals' worth when filing income statements. This rule comes from Section 8 of the Income Tax Act.
The tax body lists cattle, sheep, goats, pigs, and other farm animals under these rules and divides them into two groups: breeding stock and regular livestock.
Some small farmers worried this meant paying new taxes. "We struggle to feed our families," said one farmer who asked to remain anonymous. More rules threaten our livelihood."
ZIMRA's head of corporate affairs, Francis Chimanda, explained this involves standard business accounting. "Farmers value their stock at year's end. This helps them make accurate financial records."
The rules affect people who sell livestock as a business. Chimanda said farmers who keep animals but don't trade them need not worry.
Dr. Reneth Mano from the Livestock and Meat Advisory Council backed this view. "These guidelines help big livestock companies figure tax values. They don't touch small farmers."
ZIMRA lets farmers pick their valuation method. The agency uses these numbers to check tax records match normal market prices.
Zimbabwe's tax agency denied claims it would tax farmers' livestock. The agency said recent guidelines deal with how farms value animals for record keeping.
ZIMRA issued a notice about livestock value reporting. Farmers can choose how they assess their animals' worth when filing income statements. This rule comes from Section 8 of the Income Tax Act.
The tax body lists cattle, sheep, goats, pigs, and other farm animals under these rules and divides them into two groups: breeding stock and regular livestock.
Some small farmers worried this meant paying new taxes. "We struggle to feed our families," said one farmer who asked to remain anonymous. More rules threaten our livelihood."
ZIMRA's head of corporate affairs, Francis Chimanda, explained this involves standard business accounting. "Farmers value their stock at year's end. This helps them make accurate financial records."
The rules affect people who sell livestock as a business. Chimanda said farmers who keep animals but don't trade them need not worry.
Dr. Reneth Mano from the Livestock and Meat Advisory Council backed this view. "These guidelines help big livestock companies figure tax values. They don't touch small farmers."
ZIMRA lets farmers pick their valuation method. The agency uses these numbers to check tax records match normal market prices.
