The Ministry of Finance and the Zimbabwe Revenue Authority (Zimra) Wednesday launched electronic fiscalised cash registers and fiscal memory devices adopted to plug leakages in value-added tax (VAT).
The system comes into force on October 1, and beyond this date every registered operator registered with Zimra under category C will not be
allowed to operate without the machines.
Category C operators have an annual turnover threshold of $240 000. Non-compliant registered operators shall be convicted and treated under
level seven standard scale of fines, which makes them liable to a fine of $400, imprisonment for a period not exceeding 12 months.
Operators unable to meet the deadline can individually apply for an extension from the Zimra commissioner general.
The fiscal and tax authorities have invited representative bodies of business and retailers to
the official launch, which will be held in Harare at a local hotel at 10am.
“In order to promote integrity, transparency and equity among registered operators, it is important that all VAT collected be accounted for and
remitted to the fiscus,” the fiscal authorities said in a brochure.
The electronic fiscalised cash registers and fiscalised memory devices comprise an in-built read-only memory, which captures, stores and transmits tax information simultaneously as a sale occurs.
Government has pledged to pay 50% of the cost of acquiring the machines and technical requirements are laid out in Statutory Instrument 104 of 2010. The system means every registered operator must do away with manual tilling systems and digitalise.