By Tichaona Kurewa
THE Zimbabwe Revenue Authority (ZIMRA) fiscalisation project is now at an advanced stage, a move expected to increase tax collections.
Fiscalisation refers to configuring of monetary devices to enable them to record sales and other tax information on the read only financial memory at the time of sale for use by ZIMRA in Value Added Tax administration.
Speaking to ZBC News, ZIMRA Commissioner for Domestic Tax, Mr. Misheck Govha explained the project.
“We have enhanced our fiscalisation process, this is really impacting as far as revenue collection is concerned and our officers are actually following those that have not yet complied. Let me say in terms of fiscalisation we have done quite well, we are now at 74 percent in terms of fiscalisation and interface and we are hoping to recover the remaining 26 percent before the end of the year,” he said.
Tax Expert Mr. David Masaya commended ZIMRA for widening the tax collection net.
“Fiscalisation is supposed to close those loopholes that exist in revenue collection by ensuring that data from sales transactions is relayed directly to ZIMRA savers through the fiscal machines. Further to that, ZIMRA should also be able to come and pull out a chip in the computer system, to download whatever information that would not have been relayed to their savers. This should definitely enhance ZIMRA’s revenue collection initiatives in that, if all goes well, each and every sale should be tracked,” noted Masaya.
ZIMRA is aiming to collect over ZWLOne trillion this year.