BENEFITS OF FISCALISATION

Fiscalisation presents quite a number of benefits that come with complying with the requirement to fiscalise.

 

What is Fiscalisation?

  • It is the use of fiscal devices to record taxable transactions and other tax information on the read-only fiscal memory at the time of sale. It was first introduced through Statutory 104 of 2010.

 

Who should fiscalise?

  • All Value Added Tax (VAT) registered operators are required to fiscalise as outlined in SI 104 of 2010 as read with SI 148 of 2016 and SI 153 of 2016.

 

Do I benefit for being fiscalised?

The following benefits are enjoyed by VAT registered operators when they are fiscalised;

  • VAT registered operators can claim 50% of the cost of acquiring the fiscal electronic register as Input Tax on your VAT 7 Return.
  • VAT registered operators elect to claim 50% of the cost of the fiscal devices as S.I.A (Special Initial Allowance) under Income Tax.
  • VAT registered operators have better control and management of their businesses as they can monitor all the transactions, which have to go through the fiscal devices.
  • VAT registered operators have less paperwork to handle as the transactions electronically go through the fiscal device.
  • The system will enable business people to record all sales transactions in a transparent manner and this will allow for ease of review of transactions by ZIMRA or other stakeholders.
  • The accuracy of accounting records is enhanced by ensuring that all transactions go through the fiscal devices, with reduced human intervention-which can result in mistakes.
  • Compliance means that clients are a law abiding citizens who are committed to help the government mobilise revenue for the development of the country.

 

 

COVID 19 is real. Always remember to sanitise, wash your hands with water and soap. Stay safe.

My Taxes, My Duties: Building my Zimbabwe!!

 

Disclaimer

This article was compiled by the Zimbabwe Revenue Authority for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.