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News and Updates

New IFRS conceptual framework revises foundational reporting concepts

A new conceptual framework for IFRS issued Thursday includes revisions to concepts for reporting assets, liabilities, income, and expenses.

In completing the comprehensive project to change the conceptual framework, the International Accounting Standards Board (IASB) confirmed the objective of IFRS financial reporting as providing financial information that is useful to investors and others when deciding whether to provide resources to a company.

How to avoid penalties in VAT

It is very important to note that at Tax, any kind of fines and penalties do not benefit the business in any way. Penalties are counter-productive and will only drain the business of the much needed cash. One way of safeguarding your business against unnecessary wastage of resources is by avoiding penalties. It is with this in mind that we thought it appropriate to share with you some of the very basic information on how to avoid penalties, especially VAT penalties. Before we get into that, just a reminder that there are basically two types of penalties that can be imposed on a VAT return, and these are as follows;

No-one lives forever – Secure the Future

We live in a country (Zimbabwe) we an increasing number of people are investing in a funeral insurance. People don’t want to leave the burden of raising funds for their funerals on their loved ones. But often times even after they have planned for funeral, they have left a burden on their loved ones because they did not plan for their estate.

Estate planning is the process of legally shaping the future disposition of existing and anticipated assets in the event of incapacitation or death. This includes but is not limited to creating a will, establishing a guardian for minors and designating an executor of the will.

The law in Zimbabwe allows for equal property and inheritance rights for both men and women. But one hurdle women face is that the property is often registered in the husband’s name. Hence, when the husband deceases they have to prove their marriage which can be a challenge in the face of in-laws who seek to acquire the assets.