Zimra to chase cash hidden in tax havens

HARARE - Zimbabwe’s tax agency has said it wants to uncover billions of dollars in undeclared assets kept by Zimbabwean citizens in foreign countries amid a worsening liquidity crunch.

This comes as Zimbabweans have externalised billions of dollars, ranging from the relatively small bank deposits in neighbouring countries, to millions stashed in tax havens globally. The Reserve Bank of Zimbabwe (RBZ) has reported that banks are holding on to only 2 percent of cash reserves against a benchmark of 15 percent.

“It is the revenue authority’s view that because of globalisation and the anti-money laundering laws currently in place worldwide, the RBZ can and should trace, follow and bring back what was irregularly externalised through the banking system,” Zimra chairperson Willia Bonyongwe said in the revenue performance report for the first half of 2017.

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