Sundaymail Editor
Business Reporter
In light of the need for Value Added Tax (VAT) registered operators to comply with new regulations, the Zimbabwe Revenue Authority (ZIMRA) has extended the deadline for the integration of the Tax and Revenue Management System (TaRMS) and the Fiscalisation Data Management System (FDMS) to May 31.
This decision provides taxpayers with additional time to fulfill the new requirements, as the previous deadline had been set for the end of March.
In a notice to the public, ZIMRA emphasised the importance of adhering to the revised deadline and highlighted the implications for claiming input tax.
This extension is expected to ensure more operators complying.
The integration is expected to bring significant changes to how VAT returns for local sales are submitted due to the upgraded functionalities on the TaRMS platform, expected to go live for tax periods starting June 1, 2025.
The new features include the automation of input tax schedules, the management of credit and debit notes, and the provision for invoice apportionment and selection for claiming across different tax periods.
Crucially, the system will automatically pull input tax data from fiscal tax invoices through its integration with FDMS by June 1, 2025.
ZIMRA has directed all VAT-registered operators to ensure they claim all qualifying valid fiscal tax invoices, debit notes received, and credit notes issued on or before May 31, 2025, adhering to the specific deadlines set for their respective VAT categories.
Category B and D operators must submit their claims by May 15, 2025, while those in Categories A and C have until June 15.
Online Reporter