Harare, Zimbabwe – Zimplats, one of the country’s leading platinum mining companies, has reiterated its commitment to full tax compliance while navigating complex fiscal challenges and historical disputes with the Zimbabwe Revenue Authority (ZIMRA).
By Ryan Chigoche
The company, ultimately controlled by Impala Platinum BV—which holds 87% of Zimplats’ ordinary shares—has consistently filed all required income tax returns and made timely payments based on objectively determined estimates.
Zimplats emphasizes that its tax assessments are grounded in an unbiased approach and informed by specialist independent tax and legal advice.
Periodically, Zimplats faces reviews of its historical income tax matters, a reflection of Zimbabwe’s volatile and highly complex fiscal legislation. As part of its proactive risk management, the company recognizes potential liabilities arising from anticipated tax audit issues and uncertain tax positions, ensuring that any differences in tax computations are duly recorded.
In recent months, Zimplats initiated legal proceedings in both the Special Court for Income Tax Appeals and the Supreme Court of Zimbabwe concerning various historical income tax issues. Although the Supreme Court ruled in favor of ZIMRA on one tax matter, the ruling did not result in any financial impact, as the dispute was settled on a without-prejudice basis.
Industry experts note that such disputes underscore the significant judgment required in determining accurate tax provisions amidst a rapidly evolving fiscal environment. Zimplats’ experience serves as a reminder of the challenges faced by companies operating under complex regulatory frameworks while also highlighting the importance of maintaining transparency and adherence to statutory obligations.
As the company continues to work through these matters, Zimplats remains focused on robust tax compliance and transparent reporting, ensuring that it meets all regulatory requirements while supporting Zimbabwe’s broader economic stability.
