Friday, July 19, 2024
HomeBusinessVAT STATUTORY SUPPLIERS TO SWITCH TO SALES TAX ON JULY 1-ZRA

VAT STATUTORY SUPPLIERS TO SWITCH TO SALES TAX ON JULY 1-ZRA

BUUMBA CHIMBULU writes

ALL suppliers on statutory Value Added Tax (VAT) registration will automatically be registered for sales tax which will be implemented on July 1, says Zambia Revenue Authority (ZRA) Commissioner Domestic Taxes Moses Shuko.

Government has adopted a 16 percent and nine percent rate on imported finished products and locally manufactured products respectively under the sales tax.

Mr Shuko said records for VAT transactions would continue to be kept for the statutory period of six years.

He was speaking recently in Lusaka during a stakeholders engagement on the sales tax.

“With regards to VAT withholding agents, the due date for the last VAT return will be by the 16th of the month in which the Sales Tax takes effect. In addition to the last VAT return, VAT withholding agents will be required to submit a special final VAT return,” said Mr Shuko.

The due date, he said, for the last normal VAT return would be July 18.

Mr Shuko explained that in addition to the last normal VAT, suppliers would be required to submit a final VAT return.

“A taxable supplier shall issue a tax invoice for all goods or services supplied. All Business to Business transactions shall be required to indicate the TPIN of the buyer and seller on the invoice,

“Selected inputs of registered producers and manufacturers will be exempt from Sales Tax so as to minimise the escalation of production costs. Qualifying suppliers shall be issued with sales tax exemption certificates,” he said.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

Observer. on SEX PILLS IN WATER
Dr. I.P.A. Manning on THE BAN OF POACHERS IN ZAMBIA
Lulumbi on EXPENSIVE WORSHIP
Patrick Bwalya on THE ALEX CHOLA FACT-FILE
Patrick BWALYA on DRIVER HACKED, LEFT FOR DEAD