By: TIMES REPORTER

At Quartier Mateus, Kigali’s premier trade centre, business is booming; the sellers are cashing-in and the buyers are taking their money’s worth but one party is being cut out of the deals – Rwanda Revenue Authority (RRA).

On Wednesday evening, a New Times journalist lurked around this busy area, poking his nose in several premises to see how people here do business and the findings were worrisome.

“My mind on money, money on my mind” seems to be the tune on everyone’s mind here; every deal must yield maximum profits…

In the first half of 2014 a larger number of fiscal receipts is issued than the last year. This is due to the fiscalization, introduced in Croatia last year, bringing desirable surplus to the treasury, as much as 8 billion HRK (~1,3 billion USD) out of which 2.6 billion HRK is contributed by hospitality and as many as 5.2 billion HRK by retail traders.

Hungary

use of fiscal cash register with remote audit is mandatory

In Hungary, as from September 1st all taxpayers must use fiscal cash register with remote audit capability. According to the Tax Office information 170.000 fiscal cash register has been already installed, and users can choose now between 146 licensed models to upgrade. In Hungary taxpayers are asked to install cash registers that are directly connected to the tax office. Hungary has observed first effects and some taxpayers are now declaring much higher amounts of value added tax (VAT ).

Hungary is introducing remote audit cash register after two-year preparation. Taxpayer, who from this day will not use the appropriate cash register and software, can expect up to one million forints (3.180 Euros) penalties, the tax office can also order the closure of their shops up to 12 working days. According to the Minister of Economy Mihaly Varga VAT in the retail sector in the first half of this year is increased by 106 billion forints (337 million Euros)…