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Zimbabwe: Transfer pricing documentation, 2020 budget update

Zimbabwe: Transfer pricing documentation, 2020 budget

The national budget for 2020 was presented on 14 November 2019.

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A change concerns the transfer pricing documentation rules. Transfer pricing documentation guidelines were issued in May 2019. Read TaxNewsFlash

The change concerns the time period within which taxpayers must submit their transfer pricing documentation when requested by the tax authorities. With the new measures, taxpayers are now required to submit their transfer pricing documents within seven days of being requested by the tax authorities (compared to the time period in other jurisdictions ranging from 30 days to 60 days for taxpayers to submit their transfer pricing documentation to the requesting tax authorities).

Failure to comply with the new rules will result in penalties being imposed (ranging from rates of 10% to 30% for failing to comply with the contemporaneous transfer pricing documentation requirements and 100% when there is no transfer pricing documentation in existence).
 

Read a November 2019 report [PDF 518 KB] prepared by the KPMG member firm in Zimbabwe

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