Issue receipts, keep financial transactions – ZRA

By BUUMBA CHIMBULUISSUANCE of receipts help businesses keep good records of the financial transactions during auditing of the company, thereby assisting companies keep track of all the revenue coming into the business.This is according to the Zambia Revenue Authority (ZRA) Corporate Communications Officer, Mildred Chama, who stressed that issuance of receipts represented proof of a financial transaction.Ms Chama said in her write-up on “Why Issue  Receipts” by keeping track of all transactions, a business was also able to track all the revenue coming into the business through sales.She stated that the issuance of tax invoices for business entities was essential to evidence the supply of goods or services and the amount of money the buyer is expected to pay. “Records kept through information on receipts helps ZRA collect the correct taxes from business and individuals.“The law clearly stipulates that sellers should ensure they issue legal receipts to their customers for every purchase made. Further business must […]