The Zimbabwe Revenue Authority (Zimra) has surpassed its revenue target for the first quarter by 6% after gross collections totalled $862,47 million due compliance and support.
BY TARISAI MANDIZHA
The target for the quarter was $812,94 million.
In a statement on Friday, Zimra said: “Gross revenue collections for the first quarter amounted to $862,47 million and were 6% above target. Net collections after refunds were 2% above target and amounted to $826,63 million.”
It said a detailed report outlining the performance of respective revenue heads would be published in due course.
“Once again, thank you Zimbabwe for demonstrating patriotism through voluntarily paying taxes, customs duties and exercise duties.
Zimra is also pleased that measures to enhance operational efficiency and effectiveness, to boost revenue collections, and to safeguard revenue are bearing fruits,” it said.
In 2016, Zimra missed its targets after collecting $3,462 billion against a target of $3,607 billion. Net collections amounted to $3,248 billion.
Zimra has been aggressive in thrust to ensure compliance to raise more revenue for Treasury. This has also seen the revenue collector expanding its reach to the informal sector. According to a recent Government Gazette, government introduced taxes for most informal businesses such as taxi cabs, commuter omnibuses, and hair dressers, cross-border traders among others. The taxes came into effect on January 1 2017 and were brought into being by the Finance Act 2017.