i.

ACKNOWLEDGEMENTS

I would like to extend my sincere gratitude to NUST for giving me the chance to go out in the

field and gain industrial experience. I would like to express my sincere gratitude to my

supervisor Ms Charity Hove for her invaluable guidance, support and mentorship throughout

the attachment period. Her expertise and encouragement were instrumental in enhancing my

skills and knowledge. Special thanks to the entire team at Salfor Commercials Services for

their welcoming environment and willingness to share their expertise. I am grateful for the

opportunity to learn from such talented professionals.

My gratitude will be incomplete without mentioning my family for encouraging me from the

beginning and their guidance in whatever l pursue and their belief in my abilities kept me

motivated throughout the process. Most importantly l would like to thank the Lord Almighty

for the opportunity of a memorable graceful period at Salfor Commercial Services.

ii. Executive Summary

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Students are required to undergo Industrial Attachment to gain an appreciation of real

working environment. Industrial attachment allows the student to apply the theoretical

knowledge learnt at the university into the real practical aspects. The intention of this report

is to give a brief background of the industrial attachment programme as well as to give a

report of the host company, core business, its history, present operations and future business

prospects. It seeks to highlight a summary of Salfor Commercial Services by mainly

outlining the company’s history, objectives, performance and anticipated targets. It also gives

an overview of the duties executed and experience gained by the student during the period of

her assessment.

Moreover, this report gives an insight of profound strategies and principles that Salfor

Commercials Services and National University of Science and Technology can implement to

improve the industrial attachment programme to achieve the desired outcome through

increasing efficiency and effectiveness in service delivery.

2|Page
iii. Abbreviations

PAYE- Pay as You Earn

CGT- Capital Gains Tax

ZIMRA- Zimbabwe Revenue Authority

NUST- National University of Science and Technology

VAT- Value Added Tax

TIN Number- Taxpayer Identity Number

TARMS- Tax and Revenue Management System

SCS- Salfor Commercial Services

NSSA-National Social Security Authority

QPD-Quarterly Payment Dates

3|Page
iv. List of Figures

1:1Company logo...................................................................................9

1:2 Organisational Chart...................................................................... 14

1:3 Remittance of VAT................................................................... 18

1:4 Filing................................................................................................ 21

4|Page
Table of Contents
i Acknowledgements ....................................................................................................2

ii Executive Summary.................................................................................................... 2

iii Abbreviations .............................................................................................................4

iv List of Figures ..............................................................................................................5

Chapter 1 ........................................................................................................................8

Introduction ................................................................................................................... 8

1.1 Background................................................................................................................8

1.2 Company Ownership..................................................................................................9

1.3 Organisational Departments......................................................................................10

1.3.1Audit operations department.............................................................................10

1.3.2Company secretarial services...................................................................................11

1.3.4Department of accounting......................................................................................11

1.3.5Tax department.......................................................................................................11

1.3.6Praz registration.......................................................................... ………………………….12

 Objectives of SCS.......................................................................... ……………………12

1.4 Organisational Structure............................................................................................14

1.5 Target Market........................................................................................................... 14

Chapter 2......................................................................................................................... 15

Flows of areas gone through ...........................................................................................15

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2.1 Introduction ...............................................................................................................15

2.2 Tax department.......................................................................................................... 15

 ACTIVITIES CARRIED OUT..................................................................................... 15

2.2.1 VAT...........................................................................................................................15

2.2.2 Tax clearance............................................................................................................19

2.2.3 Calculation of PAYE on payrolls.................................................................................19

2.2.4 Payment processing..................................................................................................20

2.2.5 QPD’S.........................................................................................................................20

2.2.6 Filing of tax and company documents.......................................................................21

2.2.7 Company secretarial services....................................................................................21

2.2.8 Preparation of NSSA P4 forms...................................................................................22

2.2.9 Capital gains tax..........................................................................................................23

2.3 Department of Accounting ............................................................................................23

2.3.1 Income statement ........................................................................................................24

2.3.2 The cash flow statement ..............................................................................................25

2.3.3 Balance sheet ...............................................................................................................25

2.4 Company registration.......................................................................................................26

2.5Problems faced by each department.................................................................................28

Chapter 3................................................................................................................................30

Conclusion and Recommendations ........................................................................................30

3.1 Recommendations to the university (NUST).....................................................................30

3.2 Recommendations to Salfor Commercials Services. ........................................................30

Conclusion...............................................................................................................................31

References ..............................................................................................................................33

6|Page
CHAPTER 1

INTRODUCTION

1.1 Background

Salfor Commercial Services trades as F Garikai & Company has got only one branch

operating in Kwekwe on 1st floor CAIPF building. Salfor Commercial Services (private)

Limited was founded by Mr Fortune Garikai. It was established in 1995 and fully

incorporated in 1996. Salfor Commercial Services is a public accounting firm in Kwekwe

that offers services in the areas of accounting, tax, auditing, company registrations and

management consulting. The Company has emphasis on high quality work and performance

and that has allowed it to grow rapidly since opening its doors. The Company provides

monthly financial statements to many of its clients. It also makes sure that all its clients

comply with all applicable state tax and licensing requirements. Salfor Commercial Services

is committed to providing its employees with a good environment where innovation and

creativity is encouraged. Most importantly, its employees are provided with the same

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concern, respect and client service-orientated attitude as they are expected to give to their

clients.

Figure 1:1

1.2 Company Ownership

Directors

 Fortune Garikai – Public Officer / Managing Director

 Virginia Garikai – Non Executive Director

8|Page
The company is wholly Zimbabwe owned. The founder Fortune Garikai has been a Director

of Salfor Commercial Services since 1996. He holds a Bachelor’s Degree in Business Studies

from the University of Zimbabwe and is an Associated Member of the Chartered Institute of

Secretaries& Administrators in Zimbabwe. He is also a registered Public Accountant. Mr.

Garikai started his working career in January 1990 with Africa Sun Ltd, then Zimsun Ltd. He

left in September of the same year to join the Small Enterprises Development Corporation

(SEDCO) where he worked as an Operations Officer, Business Analyst and Senior Business

Analyst. He left SEDCO in 2002 to run his company on a full time basis. He has run his

company successfully over the years and is now a force to reckon with in the Midlands

region.

The background of Salfor Commercial Services can never be complete without mentioning

the great support of Virginia Garikai who is the wife to Fortune and a Non-Executive

Director in the Company. Mrs. Garikai holds a Bachelor of Science &General Degree from

the University of Zimbabwe. She is in full time employment with Zimasco (Pvt) Ltd and has

worked for the company since 1991 rising through the ranks from S.H.E Officer to Quality

Assurance Manager. Currently she is the managing director of Palm leaf Gardens (PVT) LTD

a company in Kwekwe which she co-owns with her husband.

1.3 ORGANISATIONALDEPARTMENTS

1.3.1 Audit Operations Department

The Audit operations department is responsible for auditing Salfor Commercial Services

client’s` financial statements that is the verification of the financial statements of a client,

with a view to express an audit opinion that is intended to provide reasonable assurance that

9|Page
the financial statements are presented fairly, in all material respects, and/or give a true and

fair view in accordance with the financial reporting framework.

The operations of this department are not only limited to auditing of financial statements but

also reviewing accounting information systems and internal controls of our clients. This

department develop tailored Internal Control Checklists to assist our clients assess internal

controls in their operations. Regardless of our clients’ choice, all services provided in this

department are handled with the strictest confidentiality.

1.3.2 Company Secretarial Services

This department is into handling various tasks involved in Company Law Matters. We

provide these services keeping in mind the concerned industry requirements .The duties of

this department comprises of company registration and maintenance of statutory records

required by the companies act such as submission of companies annual returns and

submission of any changes in address, ownership ,directorship and company resolutions to

the registrar of companies

1.3.4 Department Of Accounting

At its most fundamental, accounting is the development and communication of the financial

and operational information necessary for management decisions in both the private and

public sectors. Accounting seeks to measure the results of an organization's economic

activities and convey this information to management, investors, creditors, regulatory

agencies, consumers, and employees. Under this broad definition lies the accounting

department of SCS

1.3.5 Tax department:

The department keeps abreast of current tax laws and provides tax planning services

throughout the year. When it's time to file tax returns, the client provides the information and
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the department does the rest. Clients have the confidence that tax returns are prepared

accurately and filed on time. The tax professionals within SCS also advise clients on

strategies to reduce their taxes in the future

1.3.6 Praz registration

PRAZ is the Procurement Regulatory Authority of Zimbabwe. PRAZ is responsible for

controlling and regulating the procurement processes of government departments, ministries

and parastatals. In order to be able to participate in public tenders and to supply the

government and any agencies or institutions that the government controls, you need to have

registered with PRAZ for the category of goods/services under which that tender falls

Advantages of PRAZ Registration

• Participate in government and public tenders

• Capitalize on massive business from the government

• Get a competitive edge in your industry by dealing with and supplying the government

since government entities represent big business opportunities

Requirements for Praz registration

• Certificate of Incorporation, CR6, CR14 and Articles and Memorandum of Association for

a private limited company

• Company Profile

• Contact Details (E-Mail & Telephone)

Objectives of Salfor Commercial Services

VISION

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To be the premier accounting firm in the midlands region and recognized leader of

accounting services in Kwekwe

Services should be the services of choice for every company or individual. SCS realize a

vision is nothing without a team of dedicated and well groomed employees. The firm

encourages employees to develop their dreams in an environment that allows carrier growth.

The business’s management is committed to its development and to the delivery of value to

its clientele and other stakeholders. The strategy to achieve this is well defined and comprises

three principal elements.

• Maintaining and developing its market position.

• Growing profitability and reducing costs across the business

• Being alert to adopting technologies to enhance service quality

MISSION STATEMENT

Committed to maintaining the highest standards of integrity and professionalism relationship

with clients and provide dependable and quality service of accounting and tax preparation

assistance to all sectors of industry, commerce, and individuals.

VALUES

• Honesty and integrity

• Accountability

• Self-regulation

• Image
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1.4 Organisational Structure

Managing Director

(Public Officer)

Non-Executive
Director

Accountant

Senior clerk

Attaché’s

Figure 1.2

1.5 Target market

SCS target market ranges from small and medium scale companies from the midlands region

to large companies but the most targeted companies are small companies which do not have

the financial base to have their own accounting and audit department responsible for all the

services offered by SCS and also those that have a little knowledge in the tax and accounting

department.

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Chapter 2

Flow of areas gone through

2.1 Introduction

This chapter seeks to highlight the various duties undertaken by the student during the

attachment period

2.2 TAX DEPARTMENT

The department offers current tax laws and provides tax planning services throughout the

year. When it's time to file tax returns, the client provides the information and the department

does the rest. Clients have the confidence that tax returns are prepared accurately and filed on

time. The tax professionals within SCS also advise clients on strategies to reduce their taxes

in the future.

SCS deals with the following tax issues

2.2.1 VAT

According to chapter 23.12 section 6 Vat shall be charged, levied and collected, for the

benefit of the Consolidated Revenue fund. Chapter (23.12) section 14 (1) states that a

registered operator shall account for tax payable in accordance with section 15 .For vat

registrations, it was reduced from USD40,000 per annum to USD25,000 per annum with

effect from 1 January 2024. A trader who repeatedly gets monthly turnovers of USD2, 083 or

more, becomes liable to register. Calculation of tax payable by a registered operator shall be

calculated in accordance with this section in respect of each tax period during which he has

carried on a trade in respect of which he is registered or is required to. However because of

14 | P a g e
the above statutes the firm calculates and file returns for each tax period for its clients. Value

Added Tax (VAT) is invoice based and is accounted for on both cash and credit transactions.

Due to the introduction of Tarms which is the new system of Zimra, they was need for

compliance with FDMS (Fiscalisation Data Management System) and failure to do so would

result in a fixed penalty of USD1,000 or ZiG equivalent. The penalty will be suspended if the

Taxpayer installs the devices within 96 hours after the civil penalty order is presented.

I recorded valid tax invoice and calculated vat for every tax period during the internship. I

completed the return remittance for vat each month before due date that is 25 th of the

following month. The returns for remittance can be either payable or refund . The vat payable

is the difference between output tax and input tax. When input Vat is greater than the output

vat then vat is refundable. If it is a refundable then a vat refundable form is completed and

submitted to ZIMRA together with input and output schedules.

Output tax is the tax charged on taxable supplies made while input tax is the tax incurred by

the registered operator on the acquisition of taxable supplies of goods and services. Only

registered operators are required to charge vat and are entitled to claim input tax on purchases

of goods and services which are for use in making taxable supplies. In order to claim the

input tax, a registered operator must be in possession of a valid tax invoice or fiscal tax

invoice. However, not all receipts are tax invoices. A tax invoice is a legal document that a

seller submits to a customer in which the tax is included. A registered operator who supplies

taxable goods/services is required to issue the recipient with a tax invoice/fiscal tax invoice

within 30 days from the date of such supply.

For VAT purposes, not all invoices will be accepted by the Zimbabwe Revenue

Authority as tax invoices. Features of a valid tax invoice determined when

recording and calculating VAT are:

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• The words tax invoice or fiscal tax invoice should be in a prominent place

• The name, address and vat registration number of the supplier

• The name and address of the recipient and, if recipient is a registered operator, the vat

registration number of the recipient

• Serialised number and the date on which the invoice is issued

• Description of the goods or services supplied

• Quantity or volume of the goods or services supplied

• Value of supply, price charged or consideration of the supply

• A fiscal tax invoice should also include any other words or phrases employed under

the fiscal recording regulations denoting an invoice used to account for taxable

supplies

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Figure 1.3

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2.2.2 Tax clearance

This department request for tax clearance certificates to ZIMRA on behalf of clients. A Tax

Clearance Certificate - form ITF 263 is issued by ZIMRA when all the stipulated obligations

which include submission of tax returns and remittances of tax due are met. Since the

company is the custodian of clients files it is the department`s duty to make sure that all the

returns are submitted to ZIMRA and copies are kept safely for proof

I was involved in the process of requesting for tax clearance certificates. The firm helps its

clients to obtain valid tax clearance certificates from ZIMRA as proof of tax compliance. Tax

clearance is the process by which the tax authority (ZIMRA) verifies whether a business

entity is in good standing with regards to tax payment. However, tax clearance certificate is

issued as proof of this good standing. It also helps its clients to open bank accounts for

companies since the law requires banks to open accounts for companies with tax

clearance .Tax Clearance Certificate is a certificate issued by the Commissioner General of

the Zimbabwe Revenue Authority (ZIMRA), to a person liable to pay tax, provided that the

taxpayer’s tax position is satisfactory. Some companies can be given a tax clearance for the

whole year other only for months this will depend on how the company pays its tax to

ZIMRA.

2.2.3 CACULATION OF PAYE ONPAYROLLS

The trainee was involved in submitting payee returns on ZIMRA portal every month, she was

given a list of clients which she was supposed to prepare payrolls for and do their return for

payee. The due date for remittance of PAYE is the 10 th of the following month and such

remittance should be accompanied by PAYE templates and failure will result in penalties.

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The Pay as You Earn (PAYE) system is a method of paying Income Tax on remuneration.

The employer is mandated to deduct tax from salary or pension earnings before paying out

the net salary or pension. Income tax act chapter (23:06) thirteenth schedule requires an

employer to withhold and remit employees tax (PAYE) in accordance with the tax deduction

tables as prescribed by ZIMRA.

2.2.4 Payment Processing

I was involved in the payment processing of the organization where all payments were

prepared. Payments made were for services rendered and for ZIMRA payments as well to be

banked to respective banks.

2.2.5 QPDs

Every registered operator is required to keep records of all business operations and pay

Provisional Tax on the stipulated dates. The dates are referred to as Quarterly Payment Dates

(QPDs). The Provisional Tax payable is based on the respective percentage of estimated

annual tax due. The annual estimated tax due should be revised to update the estimate every

quarter. It is the department`s role to keep clients records, with the help of clients to estimate

annual tax and advice clients what they are supposed to pay and the due dates for the

payments. I calculated QPD’s for each quarter

The payment dates and the percentage of tax due for each tax year are listed below:

Quarterly Payment Dates (QPDs) Instalment Due

(as a % of the annual tax
payable

1st QPD (10%) 25th March

2nd QPD (25%) 25th June

19 | P a g e
3rd QPD (30%) 25th September

4th QPD (35%) 20th December

2.2.6 Filing of tax and company documents

The firm does book keeping for its clients. These mainly fall in two categories company

documents and documents relating to taxation. I filed documents which include tax clearance

, return remittance , payee returns ,capital gains .company documents. During the

internship period l did filing of receipts ,transfers of NSSA,ZIMRA,ZIMDEF so they can

be easily accessed when need for instance during audits by NSSA and ZIMDEF .These

tasks of filing documents helps trainee to have skills in filing which is a part of bookkeeping.

This is important for instance it is a statutory requirements to keep records used to claim tax

such as receipts for a period of up to 6 years which means there is a need a to have skills in

filling so that when they are requested it can be easy to find them. Receipts were in

demarcation of USD and ZIG. I benefited because l am now able to keep documents in a safe

place and able to find them easily and quickly. These documents were filled in files and this

makes documents to be safe and will not easily tear, get lost or dirty. Filing helps you to be

organised, systematic, efficient and transparent.

Figure 1.4

2.2.7 COMPANY SECRETARIAL SERVICES

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This department is into handling various tasks involved in Company Law Matters like

preparation of annual returns which are prepared annually and sent to the office of the

registrar in Harare to show that the company is still in existence and active. We provide these

services keeping in mind the concerned industry requirement. The team renders these

services in compliance with financial norms and guidelines. We deliver personalized services

to our clients to offer maximum satisfaction and thus upholding our market credibility

This department is there to answer questions and offer sound advice that gives clients the

competitive edge. SCS provide in-depth analysis that factor in present status as well as future

goals, so that clients can make fully informed business decisions. The company provides a

comprehensive data comparison of clients` business with the industry, so that clients improve

performance and profitability.

This department is important because there are expenditures and decisions that businessmen

need some help with, especially when the person is a newbie in business. Not all business

owners have knowledge about how to expand and how to make their businesses grow.

2.2.8 Preparation of NSSA P4 forms

I was tasked to calculate contribution to NSSA and complete NSSA P4 forms on each

month. Currently the Employer and Employee contribute an equal amount of 4.5% of an

insurable earnings ceiling. The employer deducts the contribution due from each

employee’s salary and also contributes an equal amount for each Employee per month .

These deductions are made for all employees below the age of 65. These forms are

created on every month .trainee was involved in the process of calculating NSSA

amounts and the preparation of P4 forms

21 | P a g e
2.2.9Capital Gains Tax

Capital Gains Tax (CGT) is an amount levied on the capital gain arising from the disposal of

a specified asset in terms of section 6 of the Capital Gains Tax Act [Chapter 23:01]. Specified

assets mean immovable property (land and buildings) and any marketable security

(debentures, shares, unit trusts, bonds and stocks). Valuations for purposes of determining the

values of the assets will also be required by the taxing authority (ZIMRA), together with

proof of payment for the property (if case of a sale).

Properties acquired before 22 February 2019 are charged at 5% and those acquired after

22 February 2019 are charged 20%

2.3 DEPARTMENT OF ACCOUNTING

Activities carried out

 This part outlines the activities carried out by the trainee in the abovementioned

section during the period in question, which comprise all of the following

Accounting is the development and communication of the financial and operational

information necessary for management decisions in both the private and public sectors.

Accounting seeks to measure the results of an organization's economic activities and convey

this information to management, investors, creditors, regulatory agencies, consumers, and

employees.

I was involved in the following task

• Preparation of income statements for ZIMRA for annual returns and also for bank

loans.

22 | P a g e
 • Preparation of statements of financial position for both ZIMRA and bank loans for

clients.

• Budgeting and budget tracking for clients various companies.

• Preparation of business plans to meet various loan applications

One primary responsibility of the accounts department is to prepare and present a set of

financial statements in conformity with International Accounting Standards and the

Companies Act 24.03.The financial statement for clients are prepared at the end of each

month. The final accounts are prepared on a going concern basis, the preparation process

entails

 Recording of valid transactions-obtained from source document such as receipts

cheques and invoices.

 Selecting and applying appropriate accounting policies

 Conversion of accounting data into understandable financial information,

A set of final accounts comprise-

 Income statement

 Balance Sheet,

 Cash flow statement,

 Statement of changes in equity.

Information derived from these financial statements is essential because it enables the

company to carry out their decision making, controlling and planning responsibilities and is

also of great use to stakeholders.

2.3.1INCOME STATEMENT

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This is a statement that shows the clients` entity’s financial performance which is determined

by the profit earned or loss incurred during the reporting period, the department prepared

monthly income statements in accordance with the accruals concept. With the accruals

concept transactions that give rise to revenue and expenses are recognized as they occur and

not necessarily as cash received or paid.

2.3.2 The Cash Flow Statement

The cash flow statement shows the company’s clients` cash inflow or out flow for the

reporting period, the analysis of the cash flow is broken down according to operating

activities, investing and financing activities

 The cash flow shows the increase or decrease of the entity’s cash and cash

equivalents, Cash and cash equivalents comprise cash in hand, deposits held at call

with bank, bank overdraft, short term borrowing and investments in money market

instruments.

2.3.3 BALANCE SHEET

A Balance sheet is a snap shot of the company’s financial condition at a particular date, The

department compiles a consolidated balance sheet for SCS`s clients and considerations are

given to the clients ‘firm’s accounting policy relating he following

Non-current assets

 Non-current assets are recognized in the balance sheet only if it is probable that future

economic benefit will follow to the entity and if their value can be measured with

sufficient reliability.

24 | P a g e
Non-current assets are stated at stated cost less accumulated depreciation, depreciation is

provided on assets at rates estimated to reduce the cost to residual value over the expected

useful life of the assets. Depreciation is calculated on any method depending on client’s

different policies.

Deferred tax

 Deferred tax is provided using the liability method on temporary differences at the

balance sheet date between the tax bases of assets and liabilities and their carrying

amounts for financial reporting purposes .Deferred income tax liabilities are

recognized for all taxable differences except where the deferred income tax liability

arises from initial recognition of goodwill or of an asset or liability in a transaction

that is not a business combination and at the time of the transaction , affects neither

the accounting profit nor taxable profit or loss and in respect of taxable temporary

differences associated with investments in subsidiaries , associates and interests in

joint ventures , where the timing of the reversal of the temporary differences can be

controlled and it is probable that the temporary differences will not reverse in the

foreseeable future. Deferred income tax and liabilities are measured at the tax rates

that are expected to apply to the year when the asset is realized or the liability is

settled, based on tax rates and tax laws that have been enacted or substantively

enacted at the balance sheet date. Deferred income tax and deferred income tax

liabilities are offset, if a legally enforceable right exists to set off current tax assets

against current income tax liabilities and deferred income taxes relate to the same

taxable entity and the same taxation authority.

2.4Company registration

25 | P a g e
Activities carried out

 This part outlines the activities carried out by the trainee in the above mentioned

section during the period in question, which comprise all of the following

The firm does company registration. I was involved in the process of registering companies.

This equipped me to have the knowledge of registering a company with ZIMRA. Some of the

requirements needed when registering a company includes:

The process and requirements

 Clients should choose at least two directors and a company secretary for the new

business. The company secretary can also be one of the directors.

 Home contact details for the Directors. No proof of residence is required.

 ID Numbers for the directors. A copy of ID is not necessary, just the numbers are

sufficient. Signatures of the directors on the Memos, Articles of Association and

CR6

 A few name ideas or variations for the business name. SCS encourage clients to

have at least 4 or 5 names and these should be simple, easy to pronounce and spell

with no silent letters or out of the ordinary punctuation marks. The suggested

name should tally with the line of business and be as unique as possible.

 Finally, the department submits the names of the client`s company in order of

priority to the Registrar of Companies so that the clients don’t get the most wanted

name, the company registrar’s office knows which one on the list you would next

prefer

Allocation and preparation of income and expenditure

26 | P a g e
 I was involved in the allocation of expenses of different clients which include mining,

construction, tourism industry. These expenses were allocated according to their use. One of

the categories include teas and cleaning ,rent , consumables, repairs and maintenance. This

will help to determine the total expense of providing products or services.

2.5 PROBLEMS FACED BY EACH EPARTMENT

TAXATION

Pressure and deadlines

 A drawback in this department was clients` failure to meet Zimra deadlines when

submitting returns. The department would have calculated the amounts to be paid to

Zimra in time but clients would fail to pay and this resulted in creative accounting.

Tax companies often operate under strict deadlines especially during peak tax

seasons.

Lack of knowledge

 This was discovered when the author was preparing VAT. Most clients are as not issuing

proper tax invoice and this affected their input tax meaning they would claim less from

ZIMRA.

Faint and torn invoices

 The writer faced challenges of interpreting faint and torn invoices. Some invoices faint with

time they are kept and also some retails and wholesales put a sell tape on the invoice for

security reasons. With time the sell tape makes the invoice text invisible and also dirty

invoices mostly from mining companies.

Client communication

27 | P a g e
  Interacting with clients, explaining tax concepts and addressing inquiries require

strong communication skills and also some clients lack knowledge with regards to tax

matters which often presents a challenge when handling their issues

ACCOUNTING

 The issue of incomplete records and books in shamble was a major challenge in this

department. Some clients wanted financial statements but important information such

as sales and purchases would be missing. At some point SCS would use the

information available to prepare statements but at times the department would create

figures to meet clients` needs.

 With most banks issuing loans, SCS was faced with a problem of most individuals

and businesses requesting for the preparation of their loan requirements but in actual

fact they would be experiencing losses in their businesses.

 Another problem was evasion of tax as most clients were not in a position to make tax

requirements.

COMPANY SECRETARIALS

 Lack of cash to meet statutory requirement.

 Lack of knowledge by clients of the returns submitted to the registrar of companies

and also lack of awareness of the due dates for submission

28 | P a g e
CHAPTER 3

RECOMMENDATIONS TIED TO CHAPTER 2

Recommendations to the university (NUST)

 The writer recommends that the university must communicate frequently with the

company where the student is attached. This will help the university with information

about the student’s behaviour and code of conduct at work. Communication would

also keep the university informed about the student’s movements, challenges and

provide a support structure where possible.

 NUST should frequently review the environment in which students are attached. This

would help to structure courses to incorporate more practical related tasks. The writer

believes that students will perform better if they are taught what exactly they are

likely to encounter in the industry

 NUST should engage with companies and help students to secure attachment places

on time because if students fail to secure places on time they will be forced to defer

which will be costly

 The industrial attachment coordinators should visit students on attachment on a

regular basis so as to have onsite assessment of how students are applying theory into

practice as well as gather information about the area of weaknesses as highlighted by

the supervisors

 The university must introduce more practical courses that will benefit the student

since most organizations are now computerized

To Salfor Commercial Services

 The author recommend that Salfor Commercial services should take a major step in

ensuring that all clients keep proper records and whenever they make sales they

29 | P a g e
 should keep in mind that part of the proceeds is for ZIMRA. Salfor Commercial

Services should also organize workshops for their clients to teach them how to keep

proper records and keeping proper invoices

 Introduction of accounting packages into the firms system. The introduction of

accounting packages will enable SCS to target large companies and will be able to

handle the requirements and needs of those companies

 The firm should have a platform were the firm and its clients can discuss problems.

This platform should allow the firm to send important notices to its clients .this will

enable the firm to take clients complaints and find a way to resolve them

 The firm should have its website as this will help it to send notices to its clients. This

will make advertising easier hence in the long run this might increase the firm’s

clients. When it has its own website this will make it easy to be recognised on google.

More so the firm should be on social media platforms such as Facebook and twitter

Conclusion

I found the attachment program as an important part of the undergraduate degree studies as it

gave me a preview of the expectations of my career and prepared me for the future in terms

of what to expect from the tax field, how to conduct myself and also to keep studying and

advancing my level of education so as to climb the corporate leader. Working with Salfor

Commercial members has not only provided working experience but also groomed me into a

well refined Fiscal Studies student, having both practical experience and an excellent

theoretical background. I was able to link theoretic knowledge imparted at the university and

practical work. Despite all the challenges faced during the attachment period, l am grateful to

the National University of Science and Technology and to Salfor Commercial Services for

the wonderful attachment period. I am certain that at the completion of the degree program l

will be a great asset as l will be well equipped with good practical experience and strong

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theoretical background. Additionally, the student gained insights into how a working

environment operates. The internship period was a positive and enriching experience,

encouraging Salfor Commercials Services to continue offering internship opportunities.

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References

ZIMRA website www.zimra.co.zw

Value Added Tax (VAT act) Chapter 23:12

WTS Taxmatrix Vat Handbook

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