So… what is the Tax Invoice Management System?
The Zambian Revenue Authority (ZRA) recently implemented the Tax Invoice Management System (TIMS), which aims to combat tax evasion by small to medium companies by standardising and capturing all invoicing processes and getting rid of non-compliant manual cash registers. Through the use of Electronic Fiscal Devices (EFDs), such as the IP100 and the IP200, and Virtual Electronic Fiscal Devices (V-EFDs) the ZRA envisions that these devices will curb tax evasion as each and every transaction will be transferred automatically to the Authority in real-time.
What is an EFD?
An EFD is an electronic gadget that has fiscal memory and can produce or generate tax invoices and other reports. It is capable of transferring this data virtually and allows the online auditing and monitoring of transactions. An EFD is designed for small to medium businesses who do not have complex computer systems, business management systems or Enterprise Resource Planning systems in place. These gadgets allow the ZRA to monitor sales transactions in real-time, standardise invoicing and makes it easier for taxpayers to compile their returns in the future.
I already have a business management system in place… what now?
Businesses with complex computerised systems or ERPs will not need to use the IP gadgets. Taxpayers can transmit invoice data using the V-EFDs by way of an interface that can be built into the system. Companies will still use their systems as per normal, however V-EFDs ensures that all sales invoice data is shared with the ZRA and that fiscalized invoices will be issued that contains the ZRA invoice number, fiscal code number and QR code (optional).
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SAP Business One is one of the world’s leading business management systems, and expertly manages compliance to the ZRA’s Tax Invoice Management System. It automatically includes the ZRA invoice number, fiscal code number and QR code, and adapts the invoice to reflect the required changes in VAT descriptions and codes. It is one of the few systems in Zambia that is recognised and approved by the ZRA to manage compliance to sales invoice requirements as set out by the Authority.
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