INDIGENOUS-owned Pan-African ICT solutions provider, Axis Solutions Africa, yesterday launched a new fiscal solution geared towards ensuring revenue maximisation in line with the Zimbabwe Revenue Authority (Zimra)'s drive for fiscalisation.
Axis Solutions Africa group chief technologist Brian Mukudzavu told delegates the solution, aptly dubbed RevMax (short for Revenue Maximisation) was expected to improve efficiencies for companies which have suffered a lot of downtime using the traditional fiscal devices.
The device adapts to multiple form factors, from handheld mobile devices, laptops and desktops used in both receipting and invoicing environments.
"Developed internally by the company, the portable RevMax is 90% software and 10% hardware. RevMax processes 30 000 invoices in an hour, at an average of 500 invoices per minute. With RevMax the speeds are higher than any fiscal solution in the country,"Mukudzavu said.
Zimra has been sweating over the fiscalisation of companies after it emerged that some entities had not connected the recording of their taxable transactions on the fiscal devices, thereby prejudicing the tax collector.
Fiscalisation refers to the use of fiscal devices to record taxable transactions on the read-only fiscal memory at the time of sale for value added tax purposes.
According to Zimra, with effect from October 1, 2011 in terms of Statutory Instrument (S1) 104 of 2010 as amended by SI 99 which was gazetted on August 1 2011, all eligible registered operators were required to commence recording of transactions using fiscalised devices.