Is a Tax Invoice necessary in Zimbabwe?
Tax invoices are very important in Value added tax. However, not all receipts are tax invoices. A tax invoice is a legal document that a seller submits to a customer in which the tax is included. A registered operator who supplies taxable goods/services is required to issue the recipient with a tax invoice/fiscal tax invoice within 30 days from the date of such supply.
Did you know that it is illegal to issue more than one tax invoice for each taxable supply? If a customer loses the original tax invoice, the supplier may provide a copy clearly marked “copy”. Do not breach the law as the punishment is severe.
For VAT purposes, not all invoices will be accepted by the Zimbabwe Revenue Authority as tax invoices?
Features of a valid tax invoice.
- The words ‘Tax Invoice’ or ‘Fiscal Tax Invoice’ should be in a prominent place
- Name, address & VAT Reg No. of the supplier
- Name & address of the recipient &, if recipient is a registered operator, the VAT Reg No. of the recipient Serialized number & date on which the invoice is issued
- Description of the goods or services supplied
- Quantity/volume of the goods or services supplied
- Value of supply, price charged or consideration of the supply
- Any other words/phrases used under the fiscal recording regulations denoting an invoice used to account for taxable supplies
It is an offence for an unregistered operator to charge VAT in respect of any supplies made. You cannot add a VAT component on your price of goods/services if you are not registered for VAT. Anyone involved in such unlawful activity will be prosecuted for such an offence.
VAT is seen as a complicated area in tax but we simplify it for you. Let us worry about it while you focus on your business. Contact us today for this and more
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