The gazetting of Statutory Instrument 185 of 2020 as the Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) (Amendment) Regulations, 2020 (No. 3), allowed any person who provides goods or services in Zimbabwe to display, quote or offer the price for such goods or services in both Zimbabwe dollar and foreign currency at the ruling exchange rate. Following the gazetting of this legislation the Zimbabwe Revenue Authority (ZIMRA) wishes to remind the business community to ensure that in all instances, documents recording sales (Invoices, Tax Invoices, Till Slips, Receipts or other documents recording sales) are issued to the customers.
Fiscalised registered operators are also required to produce fiscalised documents.
Businesses must ensure that:
Where a sale is made in Zimbabwe dollars, the invoices/till slips/receipts recording the sale must be issued in Zimbabwe dollars.
Where a sale is made in foreign currency, the invoices/till slips/receipts recording the sale must be issued in foreign currency.
Where a sale is made in parts of Zimbabwe dollars and foreign currency the invoices/till slips/receipts must reflect such currency details.
They account for VAT in the currency of trade.
Members of the public are urged to:
Request for invoices/till slips and receipts displaying the currency they have transacted in and or paid.
Ensure that the receipts they receive properly depicts the correct record of the transaction i.e. the quantities, description of goods and the currency tendered.
Any VAT, taxable income, capital gain or mining royalties received/accrued in foreign currency must be paid in foreign currency.
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Disclaimer: This article was compiled by the Zimbabwe Revenue Authority for information purposes only. ZIMRA shall not accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the Zimbabwe Revenue Authority.
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