HomeNewsZimra surpasses half-year net collection target

Zimra surpasses half-year net collection target

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THE Zimbabwe Revenue Authority (Zimra) surpassed its net collection target by 10,37% to register $2,31 billion in the first half of the year due to the tax collector’s various revenue enhancement projects, increased use of automation and tough stance against corruption.

BY BUSINESS REPORTER

In its half year revenue performance report released yesterday, Zimra said despite economic hardships facing the country, the authority performed above expectations in the first half of 2018.

“Gross collections were $2,41 billion against the targeted $2,10 billion, thereby surpassing the set target by 15,09%. After deducting refunds of $98,88 million for the first half, net collections stood at $2,31 billion, which translates to 10,37% above the expected $2,10 billion,” Zimra said.

“Net revenue collections improved by 35,94% from the $1,70 billion that was realised during the first half of 2017 (H1, 2017). Major contributors to revenue were excise duty (19%), net VAT [value-added tax] on local sales (18%) and individuals (18%). The positive revenue performance is attributed to the authority’s various revenue enhancement projects, increased use of automation and a resolute stance against corruption.”

Zimra said the current inflationary environment and the widespread use of plastic and mobile money transactions also enhanced revenue collections in nominal terms, especially for revenue heads such as VAT.

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