Adjusted VAT rates take effect

The Chronicle

Business Reporter

THE Zimbabwe Revenue Authority (Zimra) has directed businesses to configure their fiscal devices to capture the new value-added tax rate of 15 percent, which came into effect on 1 January.

The tax was slightly adjusted from 14, 5 percent.

In a public notice, the tax collector said all registered operators should effect the new changes.

“Following the promulgation of Finance Act number 2 of 2022, the Finance Minister (Professor Mthuli Ncube) directed that the   Value Added Tax rate be adjusted from 14,5 percent to 15 percent with effect from 1 January 2023,” reads part of the statement.

“Fiscal devices should record VAT at 15 percent, therefore VAT registered operators are required to approach their respective approved suppliers for effecting this change and ensuring that their fiscal devices are correctly configured to record the new value-added tax rate of 15 percent.”

Article Source: The Chronicle

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