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Harare High Court
Standard Chartered Bank Zimbabwe Limited v Zimbabwe Revenue Authority
HH 26-2007
Case Details
Court
Harare High Court
Date
25 April 2007
Citation
HH 26-2007
Neutral Citation
[2007] ZWHH 26
Outcome
unknown
Case Type
Application
Bench
Presiding
Kudya J
Full Bench
Kudya J
Areas of Law
Tax LawBanking Law
Keywords
Treasury BillsDiscountAccrualIncome TaxMaturity Date
Tags
BankingIncome TaxTreasury BillsDiscount vs Interest
legislation
Statutes Cited
- Income Tax Act [Chapter 23:06]
- Income Tax Act [Chapter 23:06]
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether income earned from Treasury Bills accrues for tax purposes on maturity date or on daily basis from date of purchase","issue_type":"law","dispositive":"yes","related_facts":"Applicant held bills beyond tax year; Respondent assessed tax on daily accrual basis"}
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background
Facts of the Case
Background
Standard Chartered Bank sought a declaration that income earned from Treasury Bills only accrues for tax purposes on maturity date, not at purchase. The bank had been assessed for additional tax on the basis that discount accrued daily. The parties agreed the facts and that if the application failed, the matter should be remitted for reconsideration of penalties and interest.
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