Platinum Green to host fiscalisation forum

The event is being held to boost organisations’ preparedness for fiscalisation, which is due October 1, 2011, as indicated in the Mid-Term Fiscal Policy Review Statement.
The seminar will see presentations by representatives from the Zimbabwe Revenue Authority, First Computers and Axis Solutions, among other industry experts.
First Computers and Axis Solutions are the Government-approved suppliers of fiscalisation equipment.
Some of the industry experts include Innscor Africa assistant group tax officer Mr Simon Gwenzi and director of tax at Grant Thornton Camelsa, Ms Christine Muzerengi.
The seminar will touch on issues around management of payroll taxes, including an appreciation of the Final Deduction System (FDS), retrenchment planning, taxation of benefits, tax directives, taxation of retirement benefits among others.
Organisers Platinum Green said they believe there is great value in helping business owners, business executives and Government departments with the many operational challenges that they face every day.
Platinum Green representative Mr Learnmore Tigere said the seminar will attempt to shed light on the many questions posed by industry in Zimbabwe concerning fiscalisation.
“As a Government policy, it is critical to know where else it is practised and how successful it is. Precedents may build confidence in measuring the potential impact of Government policies on industry.
“It is important to note that the focus of this policy is to improve compliance hence increase tax revenue flows. The policy, while it helps the Government, it also benefits industry through improved management and control of businesses, shorter audit periods by taxmen and less paper work by the traders,” he said.
The conference facilitators, Platinum Green, are an executive management consulting firm founded by a group of professionals with local, regional and international experience working across various industries.
Fiscalisation entails the application, by certain traders, of an electronic device with fiscal memory.
Fiscal memory is a special read only memory built into the cash register to store information at the time of sale.
The Ministry of Finance mooted the concept of fiscalisation in Zimbabwe in the 2009/2010 Budget Statement.
While the effective implementation date was originally set for July 1, 2010, it had been moved on several occasions to give industry ample time to familiarise with the legislation and also get enough time to secure the necessary finances to acquire the machines.
All businesses that are registered for VAT in Category C are required to comply with this policy instrument. Category C operators are those that submit their VAT returns monthly, with a minimum turnover of US$240 000 per annum.
Ideally, all businesses that are currently registered for VAT have been placed into this category.
It, however, remains to be seen how Zimra will regard those that are below the Category C threshold, though registered under that category.
The Government is currently working on tax reform initiatives, which among others include automation of Zimra, promulgation of a new Income Tax Act, introduction of a Fiscalised Electronic System meant to enhance compliance and minimise leakages.