14 banks qualify for Zimra deposits

deposits from Zimra must have branches at the main ports of entry where Zimra collects significant revenue.
The banks must also be able to transfer the cash swiftly electronically. The second requirement is in line with plans for the upgrade of Zimra to the tune of US$32 million to accommodate the increasing requirement for e-services.
By August 1, the banks were: CBZ, Agribank, Standard Chartered, FBC, Metropolitan, Tetrad, Interfin, Ecobank (formerly Premier), BancABC, Stanbic, Kingdom, NMB, MBCA and ZB Bank.
Zimra has open transit revenue accounts with these banks to reduce compliance costs to the public.
The new system also allows Zimra to deposit cash payments every day.
In a statement, the Ministry of Finance said these banks “offer convenience, in terms of time and distance, to the public dealing with Zimra in its role as a revenue collector.”
The ministry has reassured stakeholders that revenues collected by Government and any funds coming into the Exchequer Account are being “managed within the provisions of the country’s legal framework”, that is, the Constitution of Zimbabwe and the Public Finance Management Act (Chapter 22:19).
“All Zimra revenue transit deposits banked with the above banks are ultimately transferred to the Consolidated Revenue Fund account at least twice a week.
“This is in accordance with Section 16(2) of the Public Finance Management Act which establishes the Consolidated Revenue Fund and Section 22(1) which provides for the establishment of banking accounts for the CRF,” said the Ministry.
Zimra’s total gross revenue collections for the first half of the year stood at US$1,3 billion exceeding the initial target of US$1,15 billion as a result of above par performance across the majority of revenue heads.
The Government is currently working
on tax reform initiatives, which among
others include automation of Zimra, promulgation of a new Income Tax Act, introduction of a Fiscalised Electronic System meant to enhance compliance and minimise leakages.
Finance Minister Tendai Biti in his Mid-Year Fiscal Policy Review indicated that several public enterprises were not remitting statutory obligations to Zimra and the National Social Security Authority.
The statutory obligations in question relate to Pay As You Earn, Value Added Tax, pensions and royalties.