Fiscalisation of VAT registered operators
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