Tue, 07 Mar 2017 07:54:44 +0000 BY KELVIN CHUNGU WHEN the idea of turnover tax was introduced some years past, it was seen in many circles as a tax on investments as it sort of punished the small business owners who were loss making or were breaking even and it also in some ways served to disincentive those wishing to venture into business in the first place. At the time as it is now, the objective of broadening the tax base was highly heralded and featured in consequent budget speeches. In its essence, and given the turnover amounts in question, Turnover tax is targeted at those businesses that are likely to be less formally organized and for which the majority remain unregistered such as marketeers, craft worker or streets vendors. It is therefore not under debate that “turnover tax” is and continues to be seen in many circles as an effective tool to achieving a […]
