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HMRC internal manual

Double Taxation Relief Manual

From
HM Revenue & Customs
Updated
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Zimbabwe: Underlying Tax

  1. Documents needed to support the underlying tax claim

The accounts showing the profits out of which the dividend was paid and the notice of assessment for income tax will be required by the Underlying Tax Group.

Profits for the year ended 31 December 2008 are assessed in the tax year ended 31 December 2008.

  1. Accounts/Reserves

The accounts figures used in the underlying tax computation should be taken from historical cost amounts, and not any inflation adjusted or current cost amounts (if shown).

For registered financial institutions, relevant profits are reduced by transfers which are capitalised until the paid up share capital reaches the minimum amount required of Z$60,000,000. While, relevant profits are increased by realisations of revaluation/capital reserves which are transferred to retained earnings.