The Zimbabwe Revenue Authority (Zimra) is set to introduce a virtual system to complement the fiscal devices they have by end of this year, an official has said.
Speaking to journalists on the sidelines of the Ernst and Young Tax seminar held in Harare yesterday, Zimra board chairperson Mrs Willia Bonyongwe said they are looking forward to have the system in place before the year ends.
“We will probably have the virtual system by end of year,” she said.
The tax collector finds the virtual system handy as it is more accurate than fiscal gadgets and costs less.
“Virtual system is a web based system which everyone with internet access can actually connect. We buy the system which you put there and you connect. So, it is much cheaper than the fiscal gadget and it actually gives Zimra more comprehensive information than we are receiving now.
The roll out of the virtual system comes at a time when the country is riling in foreign currency shortages. Mrs Bonyongwe noted that the system can connect a lot of people while capturing all information needed by the tax regulator in real time.
But now when its like that you can actually connect half a million people at once. So, its actually a huge advantage. And it’s not only VAT, it will be capturing all the information real time,” she said.
During the seminar, Mrs Bonyongwe said for availability and affordability purposes, Zimra was appointed to supply the fiscal devices.
She also said there are penalties for failure to install fiscal devices at every Point of Sale
“As you are aware fiscalisation now involves all VAT registered operators and failure to acqure and install the devices attracts penalties of $25 per Point of Sale and for each day, the VAT registered operator remains at default. The penalty is applicable up to a maximum of 181 days,” said Mrs Bonyongwe.