Innocent Sibonginkosi Ncube
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has announced a new requirement for all Value Added Tax (VAT) registered customers to include their VAT Number and Taxpayer Identification Number (TIN) on electricity bills.
This mandate is a result of the Zimbabwe Revenue Authority’s (ZIMRA) upgrade to its Fiscalization Data Management System, aimed at enhancing the fiscalisation process of all invoices.
In a statement, ZETDC emphasized the importance of compliance with the new requirement, urging all VAT registered customers to update their VAT Numbers and TINs by September 15, 2024. The company stressed that this change is now compulsory for all affected customers, highlighting the significance of accurate and timely tax reporting.
ZIMRA’s system upgrade is part of a broader effort to ensure greater transparency and accuracy in tax reporting, and ZETDC’s directive reflects the company’s commitment to supporting the government’s initiatives aimed at strengthening the country’s fiscal framework. By ensuring that all VAT registered customers adhere to this new requirement, ZETDC is playing a pivotal role in aiding ZIMRA’s efforts to streamline tax processes across the country.
The fiscalisation process, which involves the electronic recording of sales and taxes due at the point of sale, is a critical component of Zimbabwe’s efforts to enhance revenue collection and reduce tax evasion. Failure to comply with this directive could result in complications for businesses, as accurate and timely tax reporting is crucial for maintaining good standing with tax authorities.
ZETDC’s customers are urged to take immediate action to update their VAT Numbers and TINs to avoid any potential disruptions to their electricity supply. The company’s commitment to supporting ZIMRA’s initiatives demonstrates its dedication to contributing to the country’s economic development and fiscal stability.
Zim GBC News©2024