Expanding Virtual Fiscalisation to Boost Tax Compliance in Zimbabwe’s MSMEs

• The Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, aims to improve tax compliance among MSMEs
• He has suggested expanding the Virtual Fiscalisation System to include MSMEs for better recording of VAT taxable transactions
• MSMEs represent approximately 86 percent of Zimbabwe’s overall economic activity
• The informal economy in Zimbabwe has expanded significantly, covering various sectors as people create innovative self-employment opportunities
• Many informal businesses have emerged that operate outside the formal tax systems and fail to meet their tax responsibilities

Source: chronicle.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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