VESL VAT Information Management System (VIMS) has been designed to collect and manage VAT across all businesses and entities operating in the country. Right from traders and business registration including processing of VAT certificates to collections and Returns management - law enforcement, penalties, and inspections management. The VAT system developed by VESL caters for all functionalities on both a standalone implementation and can also be integrated with back office financial system etc.
The case for VIMS adoption VAT is the most effective domestic revenue that is generated either from large tax payers to small traders. The Vat Information Management System has been developed by VESL for collection of Domestic tax by Revenue Authorities of a country. The system manages all the traders and business registered under VAT act accounts efficiently .The VIMS system was implemented in Zanzibar for the Zanzibar Revenue Board(ZRB) and has been in operation since the last 10 years with great result and improvement in collections.
Before VIMS was implemented, ZRB was collecting a revenue of 300,000 USD per month. The system was fully operational within 2 years with an increase of revenue from VAT collection amounting to 3 Million USD per month. Today ZRB collects more than 300 % of the revenue that is collects before the adoption of the VESL VAT applications.
VESL is confident that the VIMS application will prove to be very effective application helping Government Revenue Authorities in Africa to improve Revenue collections, Fraud management and leakages in VAT as well as enforcing and addressing VAT compliance issues. The increase in revenue by VAT- a key domestic tax item that will streamline the domestic revenue contribution to government for preparation and planning of yearly National Budget.