THE Revenue Services Lesotho (RSL) says it has made significant progress in the development of an E-Invoicing System for its clients. The system, whose analysis and design is currently underway, is set to be launched in October this year.
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The RSL says the system is part of its commitment to drive economic growth and improve the business environment in Lesotho. Work on the project began in January this year.
The electronic invoicing system seeks to enhance the efficiency and effectiveness of Value Added Tax (VAT) administration in Lesotho.
In a press release issued this week, the RSL said the electronic filing (E-Filing) for VAT which will revolutionise the way businesses issue and manage invoices, leading to greater accuracy and efficiency in VAT reporting, will go live in July next year.
“This system will make it easy for businesses to process VAT filing through the pre-population of tax returns,” the statement reads.
“It will also reduce administrative burdens for businesses and enhance compliance.”
The RSL said the E-Invoicing solution is designed to increase the average VAT to Gross Domestic Product (GDP) ratio from 8 to 11 percent by 2026.
The objectives also include increase of the average VAT contribution to total revenue from 40% to 50%, reduction of the volume of debt stock associated with VAT and boost VAT registration.
“This is planned to grow the average VAT registration rate from 11% to 15%,” the press release says.
The RSL says the electronic systems solution will deliver broad benefits for both the RSL and the business community which include streamlining processes to minimise instances of non-compliance.
It will make VAT return processes more efficient, simplify the verification process for VAT refunds, and decrease the overall size of VAT-related debt.
It will also reduce the costs associated with VAT administration for both RSL and businesses and conduct more informed and targeted audits thereby reducing the need for comprehensive audits.
“The RSL strongly believes that these developments will not only streamline tax administration but also contribute significantly to the country’s fiscal health,” the RSL says.
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