The Zambia Revenue Authority (ZRA) has given a grace period within which all Value Added Tax (VAT) taxpayers are supposed to register and integrate with the Smart Invoice System.
All VAT registered taxpayers in the country had up to June 30, 2024, to start issuing electronic invoices.
ZRA has since granted a grace period for the enforcement of penalties related to non-compliance with the mandatory use of Smart Invoice.
The grace period will be in effect from 1st July, 2024 to 1st October, 2024.
During the grace period, taxpayers are expected to register and consistently use the Smart Invoice. Taxpayers are also expected to take advantage of the grace period and ensure complete integration of accounting systems with the Smart Invoice platform.
Taxpayers are advised to take advantage of the grace period and ensure compliance.
Taxpayers that have successfully implemented Smart invoice should continue using the system consistently while those yet to register and integrate are encouraged to continue issuing invoices using existing invoicing systems.
Meanwhile ZRA will on Monday, 8th July, 2024, hold a press briefing in Lusaka to provide an update on Smart Invoice.
The briefing will start at 14:00hrs and will broadcast live on ZNBC TV1 and the ZRA facebook page.
On 19th March this year, the Minister of Finance and National Planning Dr. Situmbeko Musokotwane officially rolled out Smart Invoice as the country’s electronic invoicing system.
Smart Invoice is a key initiative towards sealing revenue leakages and improving service delivery in tax administration. The system enables the Zambia Revenue Authority to have real time access to business transactions.
It also prevents the use of fake invoices in VAT refund claims and ensures that only qualifying entities claim deductions. Smart Invoice reduces on tax evasion.
Issued by: Oliver Nzala
Corporate Communications Manager