The manufacturers of fiscal devices in Zimbabwe had an obligation to update and upgrade fiscal devices in accordance with the rules established by the Zimbabwe Tax Authority. In more specific terms, all registered operators mandated to conduct fiscalization under the Value Added Tax Act must engage with their approved suppliers and enhance their current fiscal devices and/or point-of-sale systems (POS) by December 31, 2023. This is in adherence to the stipulations outlined in Public Notice 50 of 2023, issued on August 9, 2023, pertaining to the requirements of the Fiscalization Data Management System (FDMS).
Compliance with the fiscalization data management system in Zimbabwe
Public
Other countries
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
1314
Content accuracy validation date:
05.01.2024
Content accuracy validation time:
09:05h
But ZIMRA also released a notice where it is important to:
- Registered operators possessing point-of-sale systems operating on centralized server and data storage facilities with ICT capability to develop APIs are provided with the choice to employ the virtual fiscalization platform. This can be achieved through a direct interface with the ZIMRA FDMS system using APIs for server-to-server integrations, serving as a means of fulfilling fiscalization requirements.
- All point-of-sale (POS) systems should be installed with upgraded approved fiscal devices or virtual applications that are compatible with FDMS systems and have the ability to print fiscal tax invoices, receipts, debits, and credit notes.
- a) Bearing all the features required by the legislation (Section 20/21 of the VAT Act), including TIN and VAT numbers generated from TaRMS for both the buyer and the seller
- b) Verifiable using QR codes and authentication codes generated from FDMS
- c) With transaction and tax totals rounded to two (2) decimal places
- d) A brief explanation of the circumstances giving rise to the issuing of the credit note
- Registered operators are advised that compliance with FDMS will be one of the requirements for the issuance of Tax Clearance Certificates (ITF 263), effective January 1, 2024.
Other news from Other countries
Is TikTok Shop subject to taxation in Indonesia?
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
TikTok Shop has become a popular marketplace in Indonesia, providing sellers with effective marketing opportunities. However, as its use grows, it’s essential for sellers to understand their tax obligations. The TikTok Shop Tax refers to the general tax responsibilities for transactions on the platform, which are governed by existing e-commerce regulations in Indonesia. Sales on TikTok Shop are ta... Read more
Ireland Prepares for Electronic Invoicing and VAT Reporting
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
Ireland plans to modernize its invoicing and VAT reporting systems, focusing on mandatory electronic invoicing for intra-community transactions, standardized digital reporting, and real-time VAT reporting through Continuous Transaction Controls (CTC). A 2023 public consultation gathered feedback, with a report forthcoming. While electronic invoicing is currently optional, the proposed changes aim... Read more
Voluntary e-invoicing soon to be possible across China
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
China’s State Taxation Administration (STA) has announced the nationwide rollout of optional digital electronic invoices starting December 2024, granting them the same legal validity as paper invoices. Covering various categories like VAT invoices and transport tickets, these digital invoices will feature unique 20-digit identification numbers and essential transaction details. The State Taxation... Read more
Finance Minister in Indonesia Confirms VAT Increase to 12% Effective January 1, 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The Finance Minister has confirmed that the value-added tax (VAT) in Indonesia will increase from 11% to 12%, effective January 1, 2025. This is part of the Tax Harmonisation Law of 2021, which outlines a two-stage VAT rise. Despite facing public criticism regarding potential price impacts, the Minister defended the necessity of this increase The Finance Minister has officially confirmed that the... Read more
Philippines Implements 12% VAT on Non-Resident Digital Service Providers Starting June 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
In October 2024, the President signed Senate Bill 2528, which introduces a 12% value-added tax (VAT) on non-resident digital service providers (DSPs) in the Philippines, effective by June 2025. The Bureau of Internal Revenue (BIR) stated that non-resident DSPs will not need local tax representatives for VAT compliance but can appoint a local third-party service provider for administrative tasks. T... Read more
Reminder: South Africa released draft bill with proposed changes across various tax laws
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
The South African National Treasury released the draft Taxation Laws Amendment Bill (B16-2024) on October 30, 2024, proposing significant changes to various tax laws. Following the release, a public comment period will allow stakeholders to provide feedback on the proposed amendments. The National Treasury will consider these comments and may revise the draft before it is formally introduced in Pa... Read more
New Zealand Digital Platform Reporting: Key Details for Early 2025
Public
Other countries
Author: Ivana Picajkić
Other countries
Author: Ivana Picajkić
In 2023, the New Zealand Inland Revenue announced new reporting obligations for digital platforms, effective in 2024, based on the OECD Model Rules for Reporting by Platform Operators in the Sharing and Gig Economy. These rules require digital platforms in New Zealand to collect and report data on sellers receiving fees for specified services. With the reporting deadline approaching (February 7, 2... Read more