H BANK ZIMBABWE LTD v ZIMBABWE REVENUE AUTHORITY 2015 (1) ZLR 1007 (H)
Citation | 2015 (1) ZLR 1007 (H) |
Case No | Judgment No. HH-575-15 |
Court | Special Court for Income Tax Appeals, Harare |
Judge | Kudya J |
Heard | 4 November 2014; CAV |
Judgment | 25 June 2015 |
Counsel | F Girach, for the appellant |
Case Type | Income tax appeal |
Annotations | No case annotations to date |
Flynote
Revenue and public finance – income tax – assessment – objections to or appeal against – revenue authority forming opinion that set of facts constituted a tax avoidance scheme – onus on taxpayer to show the contrary
Revenue and public finance – income tax – tax avoidance scheme – what constitutes – taxpayer conducting affairs so that lower income is earned – not a tax avoidance scheme – bank holding money in non-interest bearing accounts outside Zimbabwe – sound financial policy reasons for so doing – higher interest possible if money held in riskier investments within Zimbabwe – no requirement for bank to hold money in those investment schemes – revenue authority not entitled to charge notional interest based on interest that could be earned in Zimbabwe
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