Eight additional players have been licensed by the government to supply fiscalised devices in order to hasten the implementation of the fiscalisation programme, Finance minister Tendai Biti said Tuesday.
Presenting his Mid-Term Fiscal Policy in Harare, Biti said the government through the State Procurement Board had re-tendered the supply of value-added tax (VAT) fiscalised devices.
“Licensing of additional suppliers will result in competitive pricing of fiscalised devices and furthermore tremendous progress has been registered in the development of interfaces, necessary to link the fiscalised printer to the point-of-sale machine,” said Biti
There was an outcry from the business community following the initial licensing of only two suppliers that resulted in them failing to meet the high demand.
He said registered operators in Category C have had ample time since January 1 2011, to fiscalise their operations, hence should have made significant progress in this respect.
Biti said the Zimbabwe Revenue Authority (Zimra) would conduct inspections and audits with a view to enforce compliance with effect from October 1 2011.
The current VAT Fiscalised Recording of Taxable Transactions Regulations provides that registered operators who are not able to comply by the fixed date must apply for an extension to the Zimra commissioner-general who shall, on good cause shown, grant an extension for compliance not exceeding 30 to 90 days.
“Operators unable to meet the deadline can individually apply for an extension from the Zimra commissioner-general. The compliance period within which the commissioner-general may authorise is from 30 to 90 days,” said Biti.
Electronic fiscalised cash registers and fiscal memory devices are adopted to plug leakages in VAT.
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.
The system means every registered operator must do away with manual tilling systems and digitalise.
Category C operators are companies with an annual turnover threshold of $240 000.