As part of Zimbabwe Revenue Authority (ZIMRA) Business Process Re-engineering, ZIMRA will introduce the Tax and Revenue Management System known as TaRMS. It will be live on October 12, 2023. This is part of the organization’s focus on simplifying business processes for the convenience of taxpayers and also providing a convenient platform in relation to other changes that will happen in Zimbabwe, known as virtual or software fiscalization. TaRMS will be the new system for automating domestic tax processes, replacing the current system (SAP TRM).
A new Tax and Revenue Management System (TaRMS) is introduced in Zimbabwe
Public
Other countries
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
3529
Content accuracy validation date:
13.10.2023
Content accuracy validation time:
08:27h
The general benefits of these new systems are the following:
- Taxpayer Registration
- Tax Return Management
- Payments Management
- Refunds Management
- Debt Management
Of course, every part of the new system contains novel changes and a lot of features to be as convenient as possible for taxpayers. Also, the taxpayers are called in September to update certain data to be able to access the new system, or, in other words, make the migration process go smoothly.
From a fiscalization perspective, a public notice has also been issued by the ZIMBRA, where it is stated that all registered operators and taxpayers who are required to fiscalize under the Value Added Tax (VAT) Act are still required to upgrade fiscal devices to comply with the requirements of the Fiscalization Data Management System (FDMS). Also, it is stated that approved suppliers of fiscal devices are working towards finalizing upgrading the taxpayers’ systems and fiscal devices to integrate with the FDMS in compliance with Public Notice 50 of 2023. One of the novelties is generating QR codes on receipts and invoices.
Other news from Other countries
Introduction to New Zealand’s New e-Invoicing Requirement for Large Suppliers
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
New Zealand's Government Procurement Rules will require large suppliers to issue e-invoices for domestic transactions from 1 January 2027. This is aimed at promoting efficiency and transparency, and may exclude international suppliers and foreign currency transactions. The rule applies to domestic transactions in New Zealand dollars, excluding international suppliers and cross-border transactions.... Read more
Colombia Outlines New Tax Policy for Electronic Transactions
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
Colombia's tax agency proposed a 1.5% withholding tax on electronic payments, exempting credit/debit transactions and certain natural persons. Decree 1,066 enables information sharing for determining tax obligations. A statement outlining plans to implement a new withholding tax on specific electronic payments was released by Colombia's tax agency. Recently, a draft regulation was made available... Read more
Vietnam’s Guidelines for Dispute Resolution in E-Commerce (Expected)
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
Article 52 mandates e-commerce platforms establish accessible complaint systems for users, ensuring timely, fair processing based on evidence. Owners must inform complainants of decisions and resolution options. Disputes must follow published contract terms and relevant laws, utilizing negotiation or mediation methods. The Law on E-Commerce (the "Draft Law"), which is anticipated to be presented t... Read more
Handling FTA Audits in the UAE
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
Understanding FTA audits is critical for UAE businesses to ensure compliance with VAT, corporate tax, and zakat regulations. Audits trigger from discrepancies in filings, profit fluctuations, unusual refund claims, and more. Legal frameworks grant FTA broad audit powers, with timelines for assessments typically being up to five years. Businesses must maintain extensive records, retain documents fo... Read more
Tax Compliance and Audits in Saudi Arabia
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
Saudi businesses now face intensified scrutiny from ZATCA regarding VAT, corporate tax, and zakat filings due to evolving tax frameworks in the Gulf. Audits are risk-driven, focusing on discrepancies and unusual patterns. ZATCA reviews comprehensive financial records and mandates adherence to specific documentation. Audit types include desk, field, and electronic audits. Penalties for non-complian... Read more
Philippines BIR Extends E-Invoicing Deadline to December 31, 2026
Public
Other countries
Author: Ljubica Blagojević
Other countries
Author: Ljubica Blagojević
The BIR has extended the e-invoicing deadline from March 14, 2026 to December 31, 2026 under RR No. 026-2025. The rule applies to e-commerce businesses, large taxpayers, and users of CAS/CBA systems. By the new date, taxpayers must issue e-invoices in XML, JSON, or other BIR-approved formats via accredited systems. Sales data reporting will start once the BIR’s central system becomes operational... Read more
China finalizes unified VAT system — new 2026 law modernizes tax framework
Public
Other countries
Author: Ljubica Blagojević
Other countries
Author: Ljubica Blagojević
China has completed a decades-long shift to a unified VAT system, replacing the former Business Tax (BT). Following OECD recommendations, reforms from 2012–2016 integrated services into VAT, culminating in the VAT Law, passed in 2024 and effective January 1, 2026. The law introduces three VAT rates (13%, 9%, 6%), backed by new implementation rules, the Golden Tax Phase IV system, and nationwide e-... Read more