The Zimbabwe Revenue Authority (ZIMRA) is set to revolutionize its operations with the introduction of the groundbreaking Fiscalisation Data Management System (FDMS), as announced in Public Notices 40 and 50 of 2023. This cutting-edge system aims to tackle the existing challenges in the fiscalisation process and enhance overall efficiency.
The current system faces two primary challenges. Firstly, the non-standardized fiscal devices provided by approved suppliers create difficulties for ZIMRA in terms of monitoring and control. Secondly, the system lacks accessibility for stakeholders such as taxpayers, device suppliers, and manufacturers, leading to limited interaction and information sharing.
The new FDMS system boasts an impressive array of features designed to address these challenges head-on. It will seamlessly interface with the majority of existing fiscal devices at the point of sale, enabling real-time monitoring of fiscal device transactions by ZIMRA. Additionally, the system will introduce virtual fiscalisation solutions, leveraging the power of digitization. This will include web and mobile apps, providing stakeholders with a wider range of options. Furthermore, the FDMS system will offer self-service facilities through a taxpayer portal, mobile app, and error reporting system, significantly enhancing convenience and reducing compliance costs. ZIMRA’s service delivery will be greatly improved through automated VAT input tax schedules, the issuance of credit/debit notes, and online device registration.
The FDMS system comes with a host of benefits that are bound to revolutionize fiscal data management in Zimbabwe. Invoice validation through the taxpayer portal and QR code scanning will play a pivotal role in preventing fraud. The convenience of issuing credit/debit notes, along with the user-friendly mobile app and web app, will simplify processes for stakeholders. Moreover, the self-service features and efficient processes will lead to lower compliance costs. The system will ensure swift device registration, seamless interfacing, and prompt error resolution through its online platform. Finally, API integration will facilitate immediate data communication between fiscal devices and the FDMS system.
In summary, the introduction of the new FDMS system is a testament to ZIMRA’s commitment to leveraging technology to enhance tax administration. By promoting standardization, control, and digitization of fiscal data management, this revolutionary system is poised to boost efficiency, reduce costs, and improve service delivery for both ZIMRA and its stakeholders.