Zimbabwe’s tax agency says it is concluding implementation of its fiscalisation programme and that it will undertake the exercise without affecting business.
The fiscalisation programme, which is aimed at minimising revenue leakages in retail sales, requires registered operators to acquire, install and connect the fiscal gadgets to the Zimra server to facilitate real-time monitoring of transactions.
It was introduced in 2010 in terms of the Value Added Tax (Fiscalised Recording of Taxable Transactions) Regulations, 2010, under Statutory Instrument 104 of 2010.
“What we have done is to take time to evaluate the problems that arise, identifying the challenges and checked with our clients experience. So far, we agreed that it has not been the best. I can confirm we are at stage three of fiscalisation, and we are presently restructuring how we are going to do it in the process,” commissioner of domestic taxes, Ramec Masaire, said.
“We are going to develop software that we think will allow flexibility in business. One key aspect we recognise is to try to move without giving businesses stress.”
Masaire said Zimra was remodelling its training syllabus, so that their officers get a good understanding of the product they would be taxing and also improve Zimra’s engagement with businesses.
The successful implementation of the fiscalisation programme will enable Zimra to curb all revenue leakages that emanate from under-declarations and the under-invoicing of sales.