By Mildred ChamaEvery country needs revenue to provide public services like health, education, social services, roads, and a wide range of other facilities for all its citizens. Equally, the Zambian government provides these services to the public through money received from taxes.Tax revenue is a vital component of Zambia’s domestic resource mobilisation, as this is what provides government the capacity to invest in development, reduce poverty, run the civil service and provide public services.To collect the correct taxes, the Zambia Revenue Authority (ZRA) relies on proper documentation of business transactions. Businesses thus need to ensure they keep all their transaction records well. Legally, business entities and individuals should keep these record for 6 years and should produce if requested for by ZRA.One such important document is a receipt. It is mandatory for every Value Added Tax (VAT) registered supplier to issue a tax invoice and receipt for every supply of goods or services. A tax […]
WHY ISSUE A RECEIPT?
