17 February 2020

Input VAT purchases no longer claimable as Input VAT

Important news for VAT registered companies.

Before submitting your January VAT return, check whether your purchased items are still allowed to be claimed as a deduction under the new regulations issued under SI 90 of 2019

Download a copy of the SI 90 of 2019 here

For more information , please contact us

03 January 19

VAT Registered Companies – TAX INVOICE Compliance

If your company is VAT registered , the deadline of 1 January 2020 has passed to implement the new regulations for issuing Tax Invoices.

Tax Invoices may only be issued on accounting packages, or POS [ Point of Sale] systems that have been integrated via software to the ZRA system.

If you issue manual invoices, or if your accounting package is not currently integrated, then you are required to issue your Tax Invoices via the ZRA issued  EFD machine [ Electronic Fiscal Device]

For more information , please contact us

December 18

PACRA De-registration for Nominal Capital Non-Compliance

Don’t let your business be caught out! PACRA have notified company owners that any company not compliant on the statutory requirement to have registered a minimum of K15,000 Nominal Capital, will be de-registered after 31st December 2019

Currently there are over 26,000 companies in Zambia at risk.

The requirement was prescribed under SI 53 of 2014 and SI 41 of 2017

Check your company status on the the PACRA website https://www.pacra.org.zm/ utilising the “Business Verification” block on the home page

The regulation does not require a company to physically make available the increase in a cash form, but the records at PACRA must be correctly updated

If you require assistance in getting process completed, please contact The Business Guru via the services page : Contact Here