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 protected]