Zimra acquires 8 000 fiscal machines

Source: Zimra acquires 8 000 fiscal machines – NewsDay Zimbabwe May 30, 2017

The Zimbabwe Revenue Authority (Zimra) has procured 8 000 fiscal devices, which come in four types and are expected to be delivered by tomorrow.

By Fidelity Mhlanga

Zimra official, Florence Jambwa told NewsDay that the gadgets would be sold at affordable prices to ensure that all value added tax (VAT) registered operators install fiscal devices.

“In its quest to increase the availability and affordability of fiscal devices for the success of the fiscalisation project, Zimra has procured a total of 8 000 fiscal devices, which come in four types. Delivery of the gadgets is expected before the end of this month,” she said.

“The gadgets will be sold at reasonable and affordable prices because the ultimate goal is to ensure that all value added tax registered operators instal fiscal devices in line with the announcement by the minister of Finance and Economic Development in his 2017 National Budget Statement.”

The Finance ministry announced the regulations in terms of section 78 of the Value Added Tax Act, requiring operators to record all transactions using fiscalised devices.

The regulations are cited as the Value Added Tax (Fiscalised Recording of Taxable Transactions) Regulations, 2010 and came into effect on July 1, 2010.

This was done with a view to plug loopholes in the VAT system and to enhance revenue collection.

Although measures have been put in place to mitigate the cost of acquiring the devices through a duty rebate on the importation of approved fiscalised devices, the gadgets were being sold to local companies at exorbitant prices, prompting complaints from businesses.