by Terence Zimwara
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.
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.
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.
What are your thoughts on this story? Tell us what you think in the comments section below.
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
JPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion
JPMorgan has told its clients that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market due to sky-high transaction fees on the network. “It looks like, similar to defi apps, congestion and … read more.
Indian Government Needs More Time to Finalize Crypto Bill: Report
Indian government officials reportedly said that India’s cryptocurrency bill will require more time because crypto is a complex subject. The bill is therefore unlikely to be introduced in the upcoming session of parliament. The government reportedly wants to hold more … read more.
Zimbabwe Signs Agreement Enabling Collection of Taxes From Crypto and E-Commerce Entities – Taxes Bitcoin News – Bitcoin News
by Terence Zimwara