Zimbabwe hikes Tariff !
For duty computations based on combination rates of duty The Commissioner General of the Zimbabwe Revenue Authority (ZIMRA) would like to clarify the impact on duty calculations resulting from the recently promulgated Statutory Instruments 32 and 33. The rates of calculation of duty are as contained in the Customs and Excise (Tariff) Notice, Statutory Instrument 53 of 2017. The value for duty purposes is determined by applying the prevailing exchange rate on the Cost Insurance and Freight (CIF) values of the goods being imported as contained in the invoices issued in the country of supply or export. There are three methods of calculation of duty namely ad valorem, specific and a combination of the two rates. For duty calculations using the ad valorem method, the rate of duty is applied on the value for duty purposes to arrive at the duty payable. For such transactions, the value for duty purposes will now be computed based on the re-valued Real Time Gross Settlement