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
