Ministry of Finance seeks to tackle VAT fraud via electronic invoicing
The southern African state of Zambia is set 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 Smart Invoice is being mandated for all resident taxpayers from 1 July 2024 by the Revenue Authority.
The measure was included within the 2024 Budget, and must now be reviewed and approved by the National Assembly.
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.
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Middle East & Africa e-invoicing
