The national budget for 2020 was presented on 14 November 2019.
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
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.