Understanding NSSA’s New Multi-Currency Upload Requirement: What It Means for Your Payroll and How Belina Handles It
The National Social Security Authority (NSSA) has updated its online portal to support multi-currency payroll reporting. If your organization pays employees in both USD and ZWG, this change directly affects how you submit monthly NSSA returns.
According to Statutory Instrument 169 of 2021,
“Where an individual earns remuneration in a combination of United States dollars and Zimbabwe dollars, for purposes of calculating the contributions due, the incomes earned shall be treated separately.”
What’s New?
NSSA now requires employers to upload returns in both currencies separately when processing multi-currency payrolls. Instead of submitting a single combined file, your contributions must be split into USD and ZWG returns based on how employee earnings are distributed.
This means the NSSA Portal will require two sets of returns each month—one for USD and one for ZWG. This reflects a move towards more accurate tracking and compliance in a dual-currency economy.
For detailed information on how to extract the report in Belina, refer to this guide: 🔗 Extraction of Multicurrency NSSA P4 Export.
For more information on how NSSA contributions are calculated, refer to the article: How NSSA Contributions Are Now Calculated
Penalty for Late NSSA P4 Submissions
Failure to register or submit your NSSA P4 returns on time will result in a penalty of USD 30 per day. To avoid these charges, it’s crucial for employers to ensure that NSSA P4 returns are submitted by the 10th of each month. Timely compliance not only prevents these costly penalties but also ensures your company remains in good standing with NSSA regulations.
In Summary
NSSA’s new multi-currency upload requirement ensures fair, transparent reporting of USD and ZWG contributions. With Belina Payroll, you don’t need to worry about the calculations or compliance headaches—our system does the work for you. By Ashlene Moyo