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.”