- Zambia’s 2024 budget plans to implement an electronic invoicing system to monitor transactions in real-time and reduce the amount of fictitious invoices, ultimately reducing the VAT gap.
- The new system will replace the current Tax Invoice Management System and Electronic Fiscal Devices.
- Taxpayers will only be able to claim input VAT or deductions based on invoices issued through the new system.
- The changes will take effect in January 2024, and the tax authority is expected to provide guidelines to help taxpayers comply with the new requirements.
Source
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