July 2024 Ministry of Finance mandates e-invoice via SMART INVOICE software
The southern African state of Zambia is set to become the latest state to implement live, pre-clearance electronic invoicing to the Zaire Revenue Authority. The aim is to expunge Value Added Tax fraud being committed via fake input invoices. Smart Invoice registered invoices are returned a unique ID and QR Code which the customer requires to ensure full VAT deductibility.
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. It replaces the existing fiscal registers obligation.
The measure was included within the 2024 Budget.
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
