Fiscalisation is a mandatory requirement for businesses in Zimbabwe, aimed at improving tax compliance and reducing tax evasion. To ensure compliance with fiscalisation regulations, businesses must meet specific requirements. In this article, we will provide a step-by-step guide to fiscalisation requirements in Zimbabwe.
Step 1: Register for Fiscalisation
To commence the fiscalisation process, businesses must register with the Zimbabwe Revenue Authority (ZIMRA). This involves submitting an application form and providing required documents, such as:
– Tax payer’s name and trade name (if available)
– TIN & VAT number
– Proof of address
– Company contact details
– Company representative details
Step 2: Acquire a Fiscal Device
A fiscal device, such as an electronic fiscal printer, is required to generate fiscalised invoices. Businesses must acquire a fiscal device from an approved supplier and ensure it meets ZIMRA’s technical specifications.
Types of Fiscal Devices:
- Fiscalised Electronic Registers (ETRs): Also known as Electronic Cash Registers, these are standalone devices suitable for businesses with lower transaction volumes.
- Fiscalised Printers: These are printers connected to a taxpayer’s computer system and are often used where there’s a high volume of sales, like in supermarkets.
- Electronic Signature Devices (ESDs): These devices are used with computerised accounting systems to add a digital signature to electronic invoices, ensuring their authenticity. They are suitable for business-to-business transactions where fiscal tax invoices are required for input tax claims.
- Virtual Fiscal Devices (VFDs): These are software-based solutions (APIs or software applications) that perform the same functions as hardware-based fiscal devices, recording and transmitting data to ZIMRA servers.
Step 3: Configure Fiscalised Invoicing
Once the fiscal device is acquired, businesses must configure it to generate fiscalised invoices. This involves setting up the device to print invoices with required information, such as:
– Date and time of transaction
– Value of transaction
– Tax amount
– Fiscal device serial number
– QR code
Fiscal devices are required to be interfaced with ZIMRA’s Fiscalisation Data Management System (FDMS). This allows for the transmission of sales data to ZIMRA’s servers.
Step 4: Test Fiscalised Invoicing
Before commencing fiscalised invoicing, businesses must test the fiscal device to ensure it is generating invoices correctly. This involves conducting test transactions and verifying the accuracy of the invoices.
Step 5: Maintain Fiscalised Invoices
Businesses must maintain fiscalised invoices for a period of 6 years. This involves storing invoices in a secure location and ensuring they are easily accessible for audit purposes.
Conclusion
Fiscalisation requirements in Zimbabwe are mandatory for businesses. By following the step-by-step guide outlined in this article, businesses can ensure compliance with fiscalisation regulations and avoid penalties for non-compliance. Contact us to learn more about fiscalisation and how it can benefit your business.
Frequently Asked Questions (FAQs)
1. What is fiscalisation?
Fiscalisation is the process of issuing fiscalised invoices, which contain detailed information about business transactions.
2. Who is required to register for fiscalisation?
All businesses registered for Value Added Tax (VAT) in Zimbabwe are required to register for fiscalisation.
3. What is the penalty for non-compliance with fiscalisation regulations?
Businesses that fail to comply with fiscalisation regulations may face penalties, including fines and imprisonment. There is a spot fine of $1000 USD and $25 daily penalty for a maximum of 180 days
