Legal provisions to fiscalise and to interface

What is Fiscalisation?

It is the use of fiscal devices to record taxable transactions and other tax information on the read-only fiscal memory at the time of sale. It is the recording of transactions for Value Added Tax (VAT) purposes using electronic fiscal gadgets.

Who should fiscalise?

All Value Added Tax (VAT) registered operators are required to fiscalise as outlined in SI 104 of 2010 as read with SI 148 of 2016 and SI 153 of 2016. Devices should be configured to specifically show transactions done in local currency ZW$ and those done in foreign currencies, that is, USD.

What is Interfacing

Interfacing means linking of a registered operator’s fiscal devices to the ZIMRA server. Statutory Instrument 153 of 2016 requires every registered operator to connect all fiscal devices to the ZIMRA server for the purposes of transmitting sales data.

Who Should Interface?

All VAT registered operators are required to interface with ZIMRA systems as outlined in SI 104 of 2010 as read with SI 148 of 2016 and SI 153 of 2016.

What Are Fiscal Devices?

Fiscal devices are electronic devices, which contain a “fiscal memory”. A “fiscal memory” is a special read-only memory which is permanently built into a fiscalised device to store tax information at the time of sale. A fiscal device can be a Fiscalised electronic cash register/ electronic tax registers (ETRs), a Fiscal printer or an Electronic signature device (ESD).

Benefits of fiscalisation and interfacing

• VAT registered operators can claim 50% of the cost of acquiring the fiscal electronic register as Input Tax on your VAT 7 Return.

• VAT registered operators also elect to claim 50% of the cost of the fiscal devices as S.I.A (Special Initial Allowance) under Income Tax.

• The total cost of acquiring the fiscal device(s) is claimable in full with 50% claimed under VAT as input tax while the other 50% is claimed under Income Tax as capital allowances.

• VAT registered operators have better control and management of their businesses as they can monitor all the transactions, which have to go through the fiscal devices.

• VAT registered operators have less paper work to handle as the transactions electronically go through the fiscal device.

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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.

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