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"Revenue Collected Surpassed The Target," - ZIMRA

3 years agoSat, 02 May 2020 04:56:37 GMT
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"Revenue Collected Surpassed The Target," - ZIMRA

The Zimbabwe Revenue Authority (ZIMRA) has claimed that revenue collected in the first quarter of 2020 surpassed the set target.

Zimra’s vice-chairperson, Ms Josephine Matambo announced in her revenue performance report for the first quarter ending March 31, 2020, that the tax collector had a target of $12.57 billion which was surpassed by 10.42 percent. Read the report in part:

During the first quarter of 2020 the Authority collected net revenue of $13,88 billion, surpassing the set target of $12,57 billion by 10,42 percent.

Revenue grew by 613,64 percent in nominal terms, from $1,94 billion realised in the same period in 2019. All revenue heads registered growth in nominal terms.

She added that major contributors to revenue were individuals (17 percent), excise duty (16 percent, companies and Value Added Tax on local sales both contributed 14 percent, while VAT on imports contributed 11 percent.

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Public Finance experts have always noted that the country could be mobilising more revenue were it not of porous borders, hard to tax sectors and tax evasion, which constitute soft spots for revenue leakage.

The general public is however concerned over “meaningless” reports of “surplus” or “surpassing the targets” when the economic and humanitarian crisis continues unabated.

More: The Herald

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