Search results
Results From The WOW.Com Content Network
The Zimbabwe Revenue Authority, or ZIMRA, is the body responsible for collecting taxes and other revenue streams for the government in Zimbabwe. It derives its mandate from the Revenue Authority Act, passed by the parliament of Zimbabwe in 2002 and other related legislation.
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient.
The most significant of these measures include: full utilization of tax computerization in the Bureau's operations; expansion of the use of electronic Documentary Stamp Tax metering machine and establishment of tie-up with the national government agencies and local government units for the prompt remittance of withholding taxes; and ...
In contrast, Form 1042-S is accompanied by tax withholding. [7] The various Form 1099s have reporting thresholds (for instance, Form 1099-MISC needs to be filed only if $600 or more is being paid). However, Form 1042-S needs to be filed for any payment. There are contexts where no Form 1099 (or any other form) needs to be filed for resident ...
In turn, the institution issues a Form W-9, Request for Taxpayer Identification Number and Certification, or a similar form. The individual or entity must enter their TIN on the form. If the account or investment accrues interest or dividends, they must also certify that they are not subject to backup withholding due to prior under-reporting of ...
All states with income taxes impose a similar withholding obligation on wages paid to nonresidents by businesses operating within the state. [ 1 ] The taxes withheld must be treated as prepaid taxes, with final taxes imposed at the same rate and under the same computations for residents and nonresidents.
The name "Zimbabwe" stems from a Shona term for Great Zimbabwe, a medieval city in the country's south-east.Two different theories address the origin of the word. Many sources hold that "Zimbabwe" derives from dzimba-dza-mabwe, translated from the Karanga dialect of Shona as "houses of stones" (dzimba = plural of imba, "house"; mabwe = plural of ibwe, "stone").
During World War II, Congress introduced payroll withholding and quarterly tax payments with the vote of the Current Tax Payment Act of 1943 : In their History of the U.S. Tax System, the U.S. Department of Treasury describes tax withholding. This greatly eased the collection of the tax for both the taxpayer and the Bureau of Internal Revenue.