Fis­cal­i­sa­tion of VAT reg­is­tered op­er­a­tors

Chronicle (Zimbabwe) - - Business -

VALUE Added Tax (VAT) reg­is­tered op­er­a­tors in Cat­e­gories A, B and D are re­quired to fis­calise their busi­ness trans­ac­tions with ef­fect from Jan­uary 1, 2017. Fis­cal­i­sa­tion is the record­ing of trans­ac­tions for VAT pur­poses us­ing elec­tronic fis­cal de­vices.

Which de­vices should be ac­quired? VAT reg­is­tered op­er­a­tors in re­tail busi­ness are re­quired, for the pur­poses of record­ing their busi­ness trans­ac­tions, to use: A fis­calised elec­tronic reg­is­ter; or

A non-fis­calised elec­tronic reg­is­ter to­gether with a fis­cal memory de­vice.

All the other op­er­a­tors who are re­quired to use such de­vices but are not re­tail op­er­a­tors are re­quired to use: An elec­tronic sig­na­ture de­vice; or A fis­calised elec­tronic reg­is­ter; or

A non-fis­calised elec­tronic reg­is­ter to­gether with a fis­cal memory de­vice.

Where can one buy the de­vices? The de­vices are sup­plied by ap­proved sup­pli­ers and the in­for­ma­tion is be­ing pub­lished in the print me­dia and is also avail­able on the Zimra web­site. What are the obli­ga­tions of a per­son/ com­pany that is fis­calised? A fis­calised client should: En­sure the ma­chines are work­ing all the time Pro­vide power back up fa­cil­i­ties Re­port faults and faulty de­vices En­sure faults are re­solved and faulty de­vices are re­paired timeously, and Gen­er­ate and main­tain re­ports on daily and monthly ba­sis Tax in­cen­tives in ac­quir­ing the fis­cal de­vices In­cen­tives which are granted to fa­cil­i­tate the Fis­cal­i­sa­tion Project are as fol­lows: Reg­is­tered op­er­a­tors can claim 50 per­cent of the cost of ac­qui­si­tion of the fis­cal elec­tronic reg­is­ters as In­put Tax on their VAT 7 Re­turn The client is also al­lowed to claim the re­main­ing 50 per­cent of the cost of the de­vice as Spe­cial Ini­tial Al­lowance (SIA) as pro­vided for by the Fi­nance Act

Re­bate of duty is granted to ap­proved sup­pli­ers on the im­por­ta­tion of fis­calised elec­tronic reg­is­ters and fis­cal memory de­vices

No VAT is payable on the im­por­ta­tion of fis­calised de­vices by ap­proved sup­pli­ers

The lo­cal sup­ply of fis­calised elec­tronic reg­is­ters and fis­cal memory de­vices is VAT zero-rated.

Please Note: Reg­is­tered op­er­a­tors in Cat­e­gory C who are not fis­calised are also re­minded to fis­calise their busi­ness trans­ac­tions im­me­di­ately.

Re­minders VAT for the month of Oc­to­ber 2016 is due on or be­fore Novem­ber 25, 2016.

Dis­claimer This ar­ti­cle was com­piled by the Zim­babwe Rev­enue Au­thor­ity for in­for­ma­tion pur­poses only. Zimra shall not ac­cept re­spon­si­bil­ity for loss or dam­age aris­ing from use of ma­te­rial in this ar­ti­cle and no li­a­bil­ity will at­tach to the Zim­babwe Rev­enue Au­thor­ity. Please con­tact us as fol­lows: Visit our web­site: www.zimra.co.zw Fol­low us on Twit­ter: @Zim­ra_11 Like us on Face­book: www.face­book.com/ ZIMRA.11 Send us an e-mail: pr@zimra.co.zw Call us (Head Of­fice): 04–758891/5; 790813; 790814; 781345; 751624; 752731

For all wa­ter, soil and fo­lia test­ing, con­sider the En­vi­ron­men­tal Man­age­ment Agency Lab­o­ra­tory

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