2024 VAT Registration Requirements in Zimbabwe.

Are you a business dealing in taxable supplies and you have surpassed or you will surpass a threshold of US$25,000.00 in  your year of assessment?

Note that you should register for Value Added Tax  (VAT).

What are Taxable Supplies?

These are goods or services which attract Value Added Tax at a standard rate of 15%. If you are not sure whether your supplies are you may need to enquire with us or the Value Added Tax (General) (Amendment) Regulations, 2023
(No.64). If your supplies are not in the exemption list as per regulations, it means there are taxable supplies and you may need to register for VAT.

VAT Registration Requirements in Zimbabwe.

VAT is a tax on goods and services consumed within a country. In Zimbabwe, businesses are required to register for VAT if their annual taxable turnover exceeds or is likely to exceed US$25,000.00 within a period of 12 months.

Who needs to register?

• Traders with an annual taxable turnover exceeding or likely to exceed US$25,000.00 or  within a 12-month period.
• Businesses that voluntarily choose to register for VAT, even if their turnover is below the threshold.

How to register?

Online through TaRMS. ZIMRA does not accept physical documents when applying for VAT Number.

What Documents do I need to register for VAT?

• Tax payer should have an average of us$2,083.33 sales per month. Should have sales reaching $25 000 or above.
• Sales schedule from the time of commencement of trade to date
• Sales Invoices from the time of commencement of trade to date showing customers name and telephone numbers OR confirmed and signed contracts.
• Sales projections schedule for the next 12 months
• Bank statement from date of commencement of trade, stamped by the bank and corresponding with the declared sales volumes.
• Letter appointing public officer
• Lease Agreement / Title deed

What happens after you register?

• Once your application is approved, you will be issued with a VAT registration number and VAT Certificate.
• You will be required to charge VAT on all taxable supplies of goods and services.
• You will need to file VAT returns with ZIMRA on a regular basis (usually monthly or bio monthly depending with category).
• You should buy a fiscal device and interface with ZIMRA under FDMS.

VAT Registration Services with Lucent Consultancy.

• We offer VAT registration services for our clients.
• Concentrate with running your business and leave the VAT registration to us.
• We will save you from hustles such as
  • Registration in retrospective by ZIMRA
  • Penalties and interests.
  • Compliance advise
  • Quick registration, we know the law and what is needed.
• The new law by government as per Finance Act 13 of 2023 requires the following from Traders.
  •  Only traders registered for Vat will buy from Manufacturers.
  • Only Traders with valid Tax Clearance will buy directly from Manufacturers.