Internet service provider, Zol has reversed all January 2020 invoices pre-billed in December with immediate effect.
In a statement released by Zol, the move is in line with Treasury’s announcement that Valued Added Tax should be reduced with effect from 1 January to 14.5% from 15% in order to stimulate aggregate demand.
“We would like to notify you of an Immediate reversal on all January 2020 invoices which were pre-billed In December 2019. This is in line with the 2020 National Budget Statement wherein the Minister of Finance and Economic Development announced a reduction of the Value Added Tax (VAT) standard rate from 15% to 14.5% effective 01 January 2020,”
“We are urgently working on revised Invoices with 14.5% VAT These will be dispatched to you by 17 January 2020,” the statement read
Customers that require clarification have been urged to either get hold of Account Managers or email email@example.com.