Source: Zimra surpasses target | Herald (Top Stories)
Farirai Machivenyika
Senior Reporter
The Zimbabwe Revenue Authority surpassed its target for the 2022 first quarter by over eight percent despite challenges facing the economy.
Zimra collected $178,77 billion against a target of $165,41 billion.
Acting Zimra Commissioner General, Ms Regina Chinamasa said the quarter ended on a positive note in terms of revenue collection.
“Gross and net revenue performance against targets gross revenue collections for the quarter amounted to $178.77 billion against a target of $ 165.41 billion (8,08 percent above target).
“The Authority paid out refunds amounting to $4,84 billion during the quarter under review,” she said.
She said individuals contributed 17,93 percent of total revenues followed by Value Added Tax at 16,34 percent, companies 15, 33 percent, excise duty, 11 52 percent, intermediated money transfer tax, 10,27 percent.
“The top three revenue heads namely Companies, Individuals and VAT on Local Sales contributed 49, 6 percent total net revenue,” she added.
Ms Chinamasa said collection of customs and excise duties had been affected by the Covid-19 pandemic.
“These two revenue heads performed below the set targets because of the effects of previous and current lockdown regulations introduced to contain the spread of Covid-19. The closure of the ports of entry to the public with the exception of trucks bringing in essential commodities affected revenue collections significantly. The consumption of beer and wines increased despite revenue collected from petroleum products declining and negatively affecting the performance of excise duty,” Ms Chinamasa said.
She said Zimra would continue engaging strategic partners to increase dissemination of tax information.
“The second quarter net revenue collection target stands at ZWL$193.65 billion. The Authority will continue to intensify the implementation of various compliance strategies to ensure timely and accurate tax remittances from different taxpayer segments.
“Revenue collections are expected to remain positive in light of the opportunities that await the Authority through various revenue enhancement initiatives and prospects to expand the tax base by taxing the digital economy,” she said.