Zimra Reports 5% Increase in VAT Compliance, Targets Small Businesses for Fiscalisation Management System

• Zimra has seen a 5% increase in VAT compliance
• The fiscalisation management system is being extended to target small companies
• The VAT registration threshold has been reduced to US$25,000
• Zimra is aiming to bring more small to medium enterprises into the formal sector
• The market, mostly operating informally, has an annual turnover of over US$14 billion
• Zimra is targeting to improve SMEs contribution to the tax system by 6% to 8% this year
• The ‘Block Management System’ is being used to target the informal sector and educate and register small enterprises
• Efforts are being made to include all eligible taxpayers in the tax net

Source: newsday.co.zw

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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