Value Added Tax
Only operators properly registered for Value Added Tax (VAT) purposes may charge VAT on the supply of goods and services. A trader is liable to register for VAT if the value of taxable supplies exceeds or is expected to exceed $1,000,000.00 within a period of 12 months. As the business grows, VAT registration becomes compulsory and fiscalisation mandatory.
VAT Registration Requirements
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- Must be registered with ZIMRA (Valid BPN)
- Up to date Payments of All Tax Heads
- Complete REV 1 Form
- Sales Schedule from time of commencement of trade to Date
- Sales Invoices (showing customers name, contacts and invoice numbers) from time of commencement of trade to date or confirmed and signed contracts
- Sales Projections for the next twelve months.
- Bank Statements (with bank stamp and corresponding to declared sales volumes)
- Letter Appointing Public Officer
- Title Deed (if business premises are owned) or Valid Lease Agreement (if business premises are rented).
Why You need Us On VAT
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- As the business grows, VAT registration becomes compulsory and fiscalisation mandatory and you need us to advise you on VAT registration.
- VAT is complicated to compute and needs care.
- VAT is a fair source of taxation income to the State, it is a delicacy, hence Authorities fondly remember and often carry out Tax Audits on VAT registered Businesses.
What We Do For You
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- VAT Registration with ZIMRA
- Accurate computation of the VAT Payable or Refundable for all VAT Categories
- Timely submission of VAT returns to ZIMRA
- Design of Tax Invoices (manual or electronic) to meet ZIMRA standards
- Setting of your Computerised Accounting System VAT Input & Output to compute and produce correct VAT Reports.
- Asist with Fiscalisation.
- Attending to all VAT related issues with ZIMRA.
