ZCDC Hit with US$1.73 Million Penalty for Tax Delays.

The Zimbabwe Consolidated Diamond Company (ZCDC) has been fined US$1.73 million by the Zimbabwe Revenue Authority (ZIMRA) for delayed tax payments.

Acting Auditor-General Rheah Kujinga’s report highlighted that ZCDC failed to submit Transfer Pricing Returns on time and delayed Value Added Tax and Income Tax payments.

ZCDC cited cash flow problems as the cause of these delays. Despite these issues, the company has reached an agreement with ZIMRA and obtained a tax clearance certificate for 2023.

ZCDC management acknowledged the cash-flow challenges in 2022 but noted that regular engagements with ZIMRA led to the resolution and clearance.