ZRA claims over K7 billion transmitted through new Smart Invoice system

The Zambia Revenue Authority (ZRA) has claimed that invoices valued at K7.2 billion has been transmitted through the Smart Invoice System.

Smart Invoice is a software-based electronic invoicing solution that taxpayers use to manage their invoices. Each invoice transaction has a special mark called a fiscal signature to prove that the invoice is genuine.

This system was officially rolled out on March 19, 2024 by the Finance and National Planning Minister, Situmbeko Musokotwane and came into effect on July 1, 2024.

ZRA Commissioner-General, Dingani Banda, claimed that as at July 4, 2024, a total of 12,415 taxpayers onboarded on the system while K416.8 million taxes were transmitted.

Banda said this on Monday in Lusaka at a press briefing on progress of the smart invoice projects.

In his presentation, Banda said 195,438 invoices had so far been transmitted through the new system.

“The implementation of the Smart Invoice system marks a significant milestone in our efforts to enhance revenue mobilization and seal revenue leakages.

“This innovative system offers a win-win solution for both taxpayers and the government, promoting transparency, efficiency and accountability,” he said.

Giving a background on what necessitated rolling out of new mechanisms, Banda recalled that tax revenue to the Gross Domestic Product (GDP) was very low.

He pointed out that Zambia was consistently below 20 percent tax to GDP ratio. “Value Added Tax (VAT) share in tax revenue for Zambia is below most of its peers in the African region.

We are not collecting taxes to the optimal level as Zambia has a very limited tax base because very few taxpayers are contributing to the treasury,” Banda said.

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