Ministry of Finance grants 3-month soft launch for 1 July mandated e-invoice via SMART INVOICE software
The southern African state of Zambia has granted a penalty-free three-month soft launch following the 1 July 2024 launch of its mandatory Smart e-invoicing regime. The Zambia Revenue Authority will not impose any fines on tax payers for not observing the new mandate until 1 October 2024.
The aim of the new e-invoicing regime is to expunge Value Added Tax fraud being committed via fake input invoices. Smart Invoice registered invoices are returned a unique ID and QR Code which the customer requires to ensure full VAT deductibility.
The Smart Invoice is being mandated for all resident taxpayers from 1 July 2024 by the Revenue Authority. It replaces the existing fiscal registers obligation.
The Zambia Revenue Authority (ZRA) has already implemented the Tax Invoice Management System (TIMS) through the Electronic Fiscal Devices (EFD) which makes it mandatory for taxpayers registered for Value Added Tax (VAT) and Insurance Premium Levy to procure, install and use an EFD to capture all business transactions.
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Middle East & Africa e-invoicing
