Zimra surpasses 2017 revenue target

THE Zimbabwe Revenue Authority (Zimra) surpassed its revenue targets in 2017 by 10,29%, as net collections came in at $3,75 billion.

BY BUSINESS REPORTER

This was from an expected target of $3,4 billion leaving the taxman with a surplus of $350 million, thus, reducing the projected fiscal budget by 87,5%.

“Zimra exceeded its 2017 gross annual performance by 17%, while net collections – after deducting refunds – were surpassed by 10%. The actual gross revenue collections were $3,978 billion for the year while net collections were $3,75 billion, which surpassed the target of $3,4 billion by $350 million,” Zimra, in statement of the 2017 collections said.

“Zimra collected a net surplus of $350 million reducing the projected fiscal deficit of $400 million by 87,5%.”

For December 2017, the taxman reported that collections stood at $473 million surpassing a target of $342 million by 38%.

This helped the authority’s revenue collections grow by 35% from $350 million collected in 2016 for the month of December.

Overall collections for the fourth quarter of the year under review amounted to $1,159 billion, which also surpassed a quarterly target of $880 million resulting in a positive variance of 32%.

“Compared to the same period the previous year, where collections during that period were $893 million, the revenue growth for the fourth quarter 2017 was 30%,” Zimra said.

Zimra acting Commissioner-General, Happias Kuzvinzwa said: “As we move into 2018, we will upscale and redouble our efforts to surpass the $4,3 billion target, which is an increase of 26,47% from the 2017 revenue target.”

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2 Comments

  1. hmm lets see. last year prices increased by 40% reflctig the comapnies cost of acquiring the us dollar on the black market.and consumption stagnated if not reduced abit. so maybe this surplus is showing us the black market effect in revenue collection. that expalins it because before when we were using us dollars revenue collection barely met targets. so economists now explain further.

  2. Zimra are very good at collecting taxes but VERY VERY POOR AND VERY FRUSTRATING when It comes to paying back overpaid tax. Who should I approach so that I get my refund which, after being audited, is due to me. Please help !!!!

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