Ministry of Finance seeks to tackle VAT fraud via electronic invoicing
The southern African state of Zambia is planning to become the latest state to implement electronic invoicing. The aim is to expunge Value Added Tax fraud being committed via fake input invoices. In addition, only allowing registered businesses to reclaim VAT.
The measure was included within the 2024 Budget, and must now be reviewed and approved by the National Assembly. The implementation date would be 1 January 2024 – although this may prove challenging given no technical specifications are available.
The Zambia Revenue Authority (ZRA) has already implemented the Tax Invoice Management System (TIMS) through the Electronic Fiscal Devices (EFD) which makes it mandatory for taxpayers registered for Value Added Tax (VAT) and Insurance Premium Levy to procure, install and use an EFD to capture all business transactions.
Learn about VATCalc’s VAT e-invoicing product, which not only creates and submits e-invoices to global tax authorities, but is unique in providing full audit against local tax legislation. And since it is built on the same application as our VAT Filer, all of your sales or purchase e-invoices are fully reconciled to your VAT returns.
Middle East & Africa e-invoicing