INDIGENOUS owned Pan-African ICT solutions provider Axis Solutions Africa yesterday launched a new fiscal solution geared towards ensuring revenue maximisation in line with Zimbabwe Revenue Authority(Zimra)’s drive for fiscalisation.
BY FIDELITY MHLANGA
Axis Solutions Africa group chief technologist Brian Mukudzavu told delegates the solution, aptly dubbed RevMax (short for Revenue Maximisation) is expected to improve efficiencies for companies who have suffered a lot of downtime using the traditional fiscal devices.
The device adapts to multiple form factors, from handheld mobile devices, laptops and desktops used in both receipting and invoicing environment.
“Developed internally by the company, the portable RevMax is 90 percent software and 10 percent hardware.Rev Max processes 30, 000 invoices in an hour, at an average of 500 invoices per minute. With RevMax the speeds are higher than any fiscal solution in the country,”Mukudzavu said.
Zimra has been sweating over the fiscalisation of companies after it emerged that some entities have not connected the recording of their taxable transactions on the fiscal devices, thereby prejudicing the taxman.
Fiscalisation refers to the use of fiscal devices to record taxable transactions on the read-only fiscal memory at the time of sale for value added tax (VAT) purposes.
According to Zimra, with effect from October 1, 2011 in terms of Statutory Instrument (S1) 104 of 2010 as amended by SI 99 which was gazetted on August 1 2011, all eligible registered operators were required to commence recording of transactions using fiscalised devices.
All companies with an annual turnover of $240 000 are required by law to install the devices in line with value-added tax fiscalised recording of Taxable Transactions Amendment Regulations of 2010.
With 7GB storage which can store 2 million invoices, RevMax comes with a larger fiscal memory than the previous fiscal devices so more invoices can be stored on the device.
It has absolutely no moving parts, which means there are no spares. This makes it the most affordable solution.
“Other fiscal devices require spares replacement every now and again, but with RevMax, there are no moving parts and no spares,” added Mukadzavu .
The technology can also be used in offline mode, which means work can continue if the network is down and RevMax will send the invoices and Z report once the network is up.
RevMax has been designed to suit the two environments that is Receipting and Invoicing environments.
Companies such as OK Zimbabwe, Teecherz furnishers, Silo Food Industries have already signed up for the device.
The event was attended by officials from Zimra, Ministry of Finance and ZimTrade.