Invoicing and Tax regulation in Zimbabwe
Zimbabwe Invoicing Regulation
Invoicing regulations in Zimbabwe require invoices to be issued for all goods sold or services rendered. All suppliers and service providers must ensure that their tax invoices meet the standard requirements as stated by the Zimbabwe Revenue Authority. They are required to contain details such as company name, amount, and description of goods or services.
Real-Time Reporting / Fiscalization in Zimbabwe
Fiscalization and real-time reporting are mandatory in Zimbabwe for VAT registered operators. Businesses are required to use fiscal devices to record taxable transactions. This data is then transmitted directly to the Zimbabwe Revenue Authority in real time. Non-compliance with these rules attracts disciplinary measures, including fines and business closures.
E-Invoicing in Zimbabwe
E-invoicing is not yet mandatory in Zimbabwe although it is supported as an alternative to paper-based invoicing. Switching to e-invoicing can help businesses automate their billing process, reduce costs and minimize errors. It is advised for businesses to keep themselves updated with the evolving invoicing digital policies.
VAT/GST/Tax Compliance in Zimbabwe
Value Added Tax (VAT) in Zimbabwe is charged at a standard rate of 14.5%. Compliance with VAT/GST/tax laws is mandatory for all businesses. They are required to register for a Taxpayer Identification Number and file regular tax returns. Non-compliance could result in penalties, interest and potential legal consequences. Complying with tax laws also includes withholding tax, income tax and provisional tax payments. For B2G business, there might be certain tax exemptions, but it's advised to check current regulations.