Fiscal Cash Registers & Fiscal Law
Occasionally, governments enforce fiscal laws that require all tax payers who generate sales from goods and services to record and use an approved fiscal cash register. Countries implement such laws to make tax collection more efficient and manageable. As a result, taxpayers are obligated to submit a receipt for their sales revenue. The law may also require all manufacturers to include pre-defined features in their cash register software. Below are just a few examples of common fiscal cash register requirements.
- a serial number for each transaction
- the name, address and the Value Added Tax identification number of the supplier
- the Value Added Tax identification number of the person to whom the supply is made
- a description sufficient to identify the goods supplied
- each description, the quantity of the goods, the tax rate chargeable, and the price payable, including the tax
- the total amount of tax chargeable
Cash registers generally undergo extensive tests and scrutiny before the government certifies that it meets fiscal law specifications. Fiscal cash registers are tills that meet these specifications. They are specially equipped with fiscal memory, fiscal screw plus seal, and the capability to simultaneously print receipt copies containing all sales data as well as the data appearing on the customer rolls. Further, they must have 2 displays – one for the operator and one for the customer. Often, business owners using a fiscal cash register may (with permission of the tax agency) issue a generated sales tax invoice that satisfies the government’s fiscal stipulations.