Zimbabwe Signs Agreement Enabling Collection of Taxes From Crypto and E-Commerce Entities

Zimbabwe Signs Agreement Enabling Collection of Taxes From Crypto and E-Commerce Entities

The Government of Zimbabwe has confirmed signing an agreement with Daedalus World Limited which enables the latter to collect taxes from crypto and other content providers. Zimbabwe’s Stance on Crypto

The Zimbabwean government recently said it had entered into an agreement with the British Virgin Islands-based Daedalus World Limited wherein the latter is expected to collect taxes from companies that offer “betting, gaming and cryptocurrency services to persons and organisations within the territory of the Republic of Zimbabwe.”

According to a News24 report, the inclusion of crypto assets in the tax list is the latest signal from the Zimbabwean government suggesting the country is gradually changing its stance on cryptocurrencies. As reported by Bitcoin.com News, the country’s monetary authorities have previously said Zimbabwe is not planning to adopt cryptocurrencies.

Public-Private Partnership

Despite these past pronouncements by the central bank and others, a general notice published by the information technology minister Jenfan Muswere may suggest the government has had a change of heart. The November 19 general notice states:

“The Republic of Zimbabwe entered into a public-private partnership agreement with Daedalus World Limited of Tortola, British Virgin Islands, in terms of which Daedalus World Limited will assist the Republic of Zimbabwe by providing a revenue collection service through taxing qualifying companies that provide digital advertising, content, cloud computing, e-commerce [and] gambling.”

Meanwhile, a News24 report states that as part of Daedalus World Limited’s tax revenue collection agreement with the government, internet giants like Google, Youtube and Facebook will be targeted. Tags in this story Cloud Computing, crypto assets, Crypto tax, Daedalus World Limited, Jenfan Muswere, Tax Revenues, YouTube

What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Main Opposition Candidate for President of South Korea Pledges Support for Crypto Tax Exemptions TAXES | 4 days ago Political Parties in Thailand Voice Opposition to Government Plan to Tax Crypto Gains TAXES | Jan 13, 2022

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