czi logo.jpgThe Confederation of Zimbabwe Industries (CZI) has called upon Government to consider the extension of the deadline for the implementation of the Fiscalised Tax registers to the second quarter of 2011 to ensure that operators deal with challenges currently being faced in the procurement of the facilities as well as implementation of the regulation.

 

 

The proposal by CZI for the extension in the implementation of the policy directive compelling registered operators to install fiscalised tax registers follows representations made by members of the industry representative body that they are facing a number of challenges in complying with the system.

CZI president, Mr. Joseph Kanyekanye implored Government to consider postponing the enforcement of the law to the second quarter so as to give more time for the prices to stabilise.

As part of the recommendations, CZI has also called upon Government to consider not only meeting the full cost of acquisition of the equipment, but that Government should also pay for the back-up power supply, installation and maintenance costs.

While it costs around US$300 to buy the fiscalised gadgets in Kenya and other countries, it costs US$900 to purchase the same gadgets in Zimbabwe.

In a telephone interview with ZBC News, Permanent Secretary in the Ministry of Finance, Mr. Willard Manungo said Government is considerate of special cases which can be accommodated and assured industry that Government is committed to engage more suppliers of the gadgets. 

An Electronic Tax Register (ETR) or printer is a device approved by the Government to record and issue fiscal data of goods and services sold.

The Ministry of Finance had contended that Government was being prejudiced of revenue under the old system and implementation of the new system would increase the revenue base.

It is estimated that collection of VAT will improve by about 20%, following the operationalisation of the fiscalised tax registers.